LOS ANGELES _ The long game has once again paid off for the Oracle of Omaha.
Investor Warren Buffett has sold his longtime home in Laguna Beach for $7.47 million. Despite a sizable $3.1 million price chop during the sale process, that's a hefty return for the billionaire, who paid $150,000 for the property in 1971.
The multilevel home, built in 1936 and since remodeled, takes in ocean views from its corner lot in the Emerald Bay area.
The home has nearly 3,600 square feet of white-walled living space, a family room with a fireplace, a formal dining room and a skylight-topped kitchen. There are two en suite bedrooms, each with separate entrances.
Sliding glass doors open on three levels to ocean-facing decks and terraces.
There are two garages that combine to offer space for three cars.
The property originally hit the market in February 2017 for $11 million. In August, based on 29 sales, the median sale price for single-family homes in Laguna Beach was $1.838 million, according to CoreLogic.
Buffett is the chairman, chief executive and largest shareholder of the conglomerate holding company Berkshire Hathaway. Last year, the Omaha-based investor won a 10-year bet that the S&P 500 index fund would outperform a collection of hedge funds over the course of a decade. The payout, which benefited a charity for young women, was $1 million.
