Warren Buffett’s beachfront vacation home in Laguna Beach, Calif., has been sitting on the market since February 2017 for $11 million, but the Berkshire Hathaway chief executive refuses to lower the listing price.
According to a CNBC report
, the 3,600-square-foot, six-bedroom/seven-bathroom property on the Pacific waterfront has been on the market for nearly five months longer than the median listing time for similar-priced properties in the same ZIP Code. Buffett bought the home in 1971 for $150,000 and told the Wall Street Journal that he made significant investments over the years to renovate the property. However, he offered no explanation on why the property remains unsold for such an extended period of time.
Although Buffett has used the vacation home for writing his company’s annual reports in the house's master bedroom, he still maintains his primary residence in the Omaha, Neb., home that he purchased in 1958 for $31,000.