Warren Buffett slashes the price of his Laguna Beach vacation home

• Warren Buffett paid $150,000 for his Laguna Beach vacation home in 1970s.
• The billionaire investor once asked $11 million for the home.
• Buffett just slashed the price by 30%.

Warren Buffett slashed the price of his Laguna Beach vacation home by about 30 percent.

The billionaire investor reduced the $11 million asking price on his 3,500-square-foot home to $7.9 million, the Wall Street Journal reported.

The home originally hit the market in February. And despite the price chop, Buffett stands to make a tidy profit on the sale. He paid just $150,000 for the property in the 1970s.

The 87-year-old chairman of Berkshire Hathaway spent his holidays at the vacation house. But he has not spent much time at the home since his first wife Susan died in 2004.

Buffett’s real estate brokerage, HomeServices of America, saw profits slide during the second quarter bu 5.3 percent from a year earlier to $107 million. [WSJ] — Rich Bockmann

SEE ALSO: Warren Buffett disciple Scott Black breaks down a major shift that's permanently changed investing — and explains how he's managed to survive

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