Billionaire investor Warren Buffett is selling his beach house in the tony Laguna Beach gated community of Emerald Bay, which counts six community tennis courts, beach volleyball courts, parks, and a pool among its amenities. The Wall Street Journal repots that residence is asking $11 million.
Buffett bought the house in 1971 for $150,000, back when Laguna Beach wasn’t nearly as developed as it is now, he told the Journal.
In the years since, he’s put “considerable” money into renovations of the property, though it’s still relatively low-key, with gray carpet floors and white laminate countertops. The listing agent admits that the six-bedroom house is “on the simpler side.” (Not surprising, considering Buffett’s famed thriftiness.)
Buffett bought the house because his first wife liked it, says the Journal. The house became a “family retreat” for the Buffetts. As houseguests outnumbered space in the main house, Buffett later bought one of the adjacent houses to hold extra guests, connecting the two houses by a stairway.
Buffett’s wife passed away in 2004, and since then, his use of the house has waned; he sold that second house on the other end of the stairwell in 2005.
Buffett, 86, mainly lives in Omaha, Nebraska.