The average American spends just over $1,000 a year
getting lunch at restaurants. But investors Guy Spier, 52, and Mohnish
Pabrai, 53, spent $650,100 on just one lunch, although it was for a very
special reason: They got to dine with billionaire Warren Buffett.
The businessmen purchased their
high-priced lunch in 2007 as part of an annual charity auction for Glide
Foundation, which helps the homeless and impoverished get back on their
feet. Last year, the bidding price topped the million dollar mark—a steep climb from the $25,000 winning bid when the yearly auction began in 2000.
While some may scoff at paying such an exorbitant fee for a 2½-hour lunch, even if it is with Buffett, Spier and Pabrai told CNBC's Squawk Box in 2010 that it was "worth every penny."
"I think we would have been willing to pay a lot more than that," said Pabrai. "Well worth it."
Not only was the
experience "fantastic," according to the two investors, but they also
walked away with three key business lessons:
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