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Warren Buffett gives Laguna Beach house a $3.1-million haircut

Warren Buffett gives Laguna Beach house a $3.1-million haircut
Business magnate Warren Buffett has lowered the asking price for his Laguna Beach home to $7.9 million, down from $11 million. (Nati Harnik / Associated Press)

Warren Buffett is no longer playing the long game in the Orange County housing market.

The billionaire business magnate has cut the price on his longtime Laguna Beach house to $7.9 million, a reduction in price of $3.1 million. The six-bedroom, seven-bathroom home, which Buffet bought in 1971 for $150,000, had been listed for roughly 18 months at $11 million, according to the Multiple Listing Service.

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The multilevel home, built in 1936 and since remodeled, takes in ocean views from its corner-lot location in the Emerald Bay area.

The home has nearly 3,600 square feet of white-walled living space, a family room with a fireplace, a formal dining room and a skylight-topped kitchen. Two en suite bedrooms have separate entrances.

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Sliding glass doors open on three levels to ocean-facing decks and terraces. A pair of garages combine to offer space for three cars.

Buffett is the chairman and largest shareholder of conglomerate holding company Berkshire Hathaway. The Omaha-based investor reportedly has a net worth of nearly $85 billion, making him among the richest individuals in the world.

Bill Dolby of Villa Real Estate is the listing agent.

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