Biz News: Warren Buffett cuts price for Laguna Beach home by $3.1 million

The asking price for Warren Buffett’s Laguna Beach home has dropped by $3.1 million, with a new price of $7.9 million.

The nearly 3,600-square-foot, six-bedroom house in Emerald Bay has been on the market for more than a year. The billionaire “Oracle of Omaha” originally was seeking $11 million for the property, built in 1936.

Buffet bought it in 1971 for $150,000.

The Los Angeles Times reported that “luxury real estate can often sit on the market longer due to a smaller pool of buyers, with some properties listed for $4 million or more in Orange County ... expected to spend over a year on the market, according to data provider Reports on Housing.”

Slater’s 50/50 opens new spot in Huntington Beach

Slater’s 50/50 has opened a new location in Huntington Beach.

The burger chain, which previously had a spot at 8082 Adams Ave., is now at 17071 Beach Blvd., replacing a Chili’s.

The site now features an updated look and a more prominent bar.

Hyatt Huntington Beach unveils redesign

The Hyatt Huntington Beach Resort & Spa recently completed a Mediterranean-inspired redesign.

Rooms in the 517-unit resort at 21500 Pacific Coast Hwy. now “exude a residential Mediterranean vibe with a color scheme that echoes the sand and sky, custom furnishings with intricate design features, grass cloth wall coverings and vintage coastal artwork,” according to a report on Hospitality.net.

In addition, the property now offers rooms with their own outdoor fire pit.

Santa Monica-based Studio HBA completed the project.

Laguna company plans to acquire maker of protection gear

Laguna Beach-based Code Green Apparel Corp. has signed a binding letter of intent to acquire Zoombang Cos., a Texas-based manufacturer of impact protection gear used by people in sports, military, law enforcement and industrial applications.

Terms of the acquisition were not disclosed.

“I must say that I was utterly blown away by Zoombang’s array of product offerings, versatility, technology, intellectual properties and outstanding quality,” George Powell, Code Green’s president and chief executive, said in a statement.

Newport office of Northern Trust gets new leader

The Newport Beach office of Northern Trust, an international wealth management and investment firm, is undergoing a leadership change.

Betty Mower-Potalivo is retiring as the company’s Orange County president, with Managing Director Mark Hardtke moving into the post effective Saturday.

Hardtke has nearly 30 years of wealth management experience in the county, according to a news release. He also is a director on the Hoag Hospital Foundation board and is the immediate past president of the Orange County Youth Sports Foundation.

Pita Pita moving into Costa Mesa in the fall

The third location of Pita Pita, a Mediterranean fast-casual restaurant, will open in Costa Mesa’s Metro Pointe this fall, according to a news release.

Pita Pita will offer customizable salads and bowls. Its other locations are in Aliso Viejo and Laguna Hills.

The Costa Mesa restaurant also will feature the technology of iPourIt, a self-serve beer wall with 12 taps that will offer a rotation of beers, wines and ciders. Pita Pita is hosting iPourIt’s first such beer wall in Costa Mesa, though it has more than 120 nationwide.