Warren Buffett's auction for private lunch begins; here's how much it could cost to win

Warren Buffett: Berkshire Hathaway cash pile rises $100M per business day

FBN’s Liz Claman talks to billionaire Warren Buffett about Berkshire Hathaway’s massive cash pile.

Want to grab lunch with one of the world’s wealthiest men? Well, it’s possible, but it won’t be cheap.

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Billionaire Warren Buffett, the chief executive of Berkshire Hathaway and the world’s third-richest person, is auctioning off the meal in an annual event, now in its 20th year, to raise money for the Glide Foundation that aims to combat poverty in San Francisco. His connection with Glide started through his first wife, Susie, who died in 2004, when she volunteered at the charity. Bidding begins Sunday evening and ends Friday, May 31.

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“It makes a difference. It translates into human beings finding that there is hope in life and that something better is there,” Buffett said in a statement. “The rest of the society may have given up on them, but GLIDE is going to give them a chance to find out what their real potential is.”

When the event started, bidding was only conducted through a local auction in San Francisco. The two winning bidders in 2001 spent just $18,600, according to Quartz. Since then, the auction has been held on eBay, opening the bidding to a wider audience. The highest amount raised has been in excess of $3 million.

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The winning bidder, who can invite up to seven friends, will dine with the Oracle of Omaha at New York’s Smith & Wollensky steakhouse, where a 26-ounce prime rib costs $59 and cocktails go for $18.

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Bidding, which starts at $25,000, begins Sunday and ends Friday, May 31.