Proceeds go to San Francisco's Glide Foundation. It describes its mission as creating a "radically inclusive, just and loving community mobilized to alleviate suffering and break the cycles of poverty and marginalization."
Buffett was introduced to Glide by his first wife, Susan, and calls it "maybe the most effective organization I've seen for people down on their luck."
Almost $15 million has been raised by the auctions since they began in 2000.
Last year's auction was won by an anonymous bidder who paid a record $3,456,789 to share a meal with Buffett. The winner is allowed to bring along as many as seven other people.Winning lunch with Buffett can lead to bigger things. Ted Weschler was hired as a Berkshire Hathaway portfolio manager after he paid a total of $5.3 million for two meals with Buffett in the 2010 and 2011 auctions.
The Oracle of Omaha may be a bigger draw than Apple's Tim Cook, but back in 2011 we asked in an informal poll if people would rather share a meal with Buffett or Steve Jobs. The Apple co-founder won, 65 percent to 35 percent.