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.
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.
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.