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Salida Capital's bill for Buffett lunch: $1.68-million Add to ...

Executives from a Toronto-based investment management firm will soon be sitting down for steaks with Warren Buffett.

Salida Capital took part in Mr. Buffett's annual charity auction, which has been held for the last 10 years to benefit the Glide Foundation, a San Francisco charity that helps underprivileged people find housing and jobs, among other services.

Salida's hedge funds had a difficult year last year, but have recovered this year. The Salida Multi-Strategy Hedge Fund is up 83 per cent this year after falling 66.5 per cent last year.

Salida paid $1,680,300 (U.S.) for the chance to dine with Mr. Buffett at the swanky Smith & Wollensky steakhouse in New York city. Up to eight people will be allowed to attend.

"This is a once in a lifetime opportunity to sit down with one of the world's greatest investors," Courtenay Wolfe, president and CEO of Salida Capital, said Wednesday in a news release. "A man who can share invaluable perspectives and experience at a very unique time in history. It is something we plan to share with a handful of the people that have been the biggest supporters of our success over the years."

The auction bidding began on eBay on June 21, at a starting price of $25,000. Bidding closed the evening of June 26.

Ten bidders engaged in the auction over that period of time, entering a total of 116 bids. The price of the lunch does not include travel or accommodation expenses.

The auction is considered a charitable expense, and is therefore tax deductible.

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