(Bloomberg) -- Warren Buffett can't seem to close this deal. Now, he's lowering the price of a vacation home in California by $3.1 million to attract potential buyers and finish the sale.
The price for the Laguna Beach house, earlier set at $11 million, was cut to $7.9 million, according to Allison Olmstead, a spokeswoman for listing agent Bill Dolby.
Buffett, who resides in Omaha, Nebraska, put the home up for sale last year after more than four decades of owning the California vacation property. Luxury real estate can often sit on the market for longer due to a smaller pool of buyers, with some properties listed for $4 million or more in Orange County, California, expected to spend over a year on the market, according to data-provider Reports on Housing.
The Wall Street Journal reported earlier on the price cut.
Read more: Buffett's Cachet Isn't Enough to Lure Buyer for His Beach House
To contact the reporters on this story: Katherine Chiglinsky in New York at kchiglinsky@bloomberg.net;Noah Buhayar in Seattle at nbuhayar@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Dan Reichl, Josh Friedman
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