A Hong Kong fund manager has paid $2.1million to win an annual charity auction for a meal with Warren Buffett, breaking the previous record by a factor of three.

Zhao Danyang, who runs a Hong Kong fund called Pureheart China Growth, emerged the winning bidder after much last-minute bidding on eBay. He can take up to seven friends for a meal with Buffett at New York steakhouse, Smith & Wollensky.

When Buffett began his annual practice of auctioning a lunch eight years ago, the meal went for $25,000. Last year, the price reached $650,100.

The proceeds will go to the Glide Foundation, an organisation which helps the homeless and needy in San Francisco. It is a huge boost for the charity’s $12m annual budget and staff shouted in celebration when the outcome became clear.

“It almost feels like a miracle,” said Glide’s founder, Rev Cecil Williams. “We are amazed and ready to continue our work of breaking the cycles of poverty.”

Posted: 06|30|08 at 11:41 am. Filed under: US News.