Warren Buffett lunch auction begins in late June

OMAHA — One of the most expensive steak lunches you can bid for goes online later this month, courtesy of billionaire Warren Buffett.

But given the ongoing recession, it's uncertain whether lunch with Buffett will top last year's winning bid of $2.1 million from a Chinese investment fund manager.

Buffett, who is known for his investing success, is Berkshire Hathaway's chairman and chief executive. He offers only one charity lunch a year.

All of the online auction's proceeds go to the Glide Foundation, which provides social services to the poor and homeless in San Francisco.

The bidding starts at $25,000 on June 21, and the auction runs until 9 p.m. CDT on June 26. The winner can take up to seven friends to lunch at Smith & Wollensky steakhouse in New York.