A beach deal from Warren Buffett — price of six-bedroom home reduced to $7.9 million

In 1971, Warren Buffett bought a contemporary-style beach home in Laguna Beach for $150,000 — long before prices on the Southern California Pacific Coast began to skyrocket. He has had the six-bedroom home listed for over a year at $11 million, but recently cut the price by $3.1 million, now asking $7.9 million.Known for his Midas Touch in choosing investments and a net worth of almost $85 billion, Buffett is a bit of a cheapskate when it comes to his lifestyle. He refrains from using popular technology, frequents McDonalds for breakfast and drives used cars that he holds onto for years. He still lives in a home that he purchased in 1958 for $31,500 in Omaha, Neb. — the city where he was born.Buffett did make one splurge in real estate. While married to his first wife, Susan Thompson, he bought a beach house in Laguna Beach where the family of five would vacation and spend holidays. He purchased it for $150,000, overlooking the Pacific and only a short walk to the sandy beach. Since Susan died in 2004, Warren has not made much use of the home and put it on the market in early 2017.At 3,588 square feet, the Laguna Beach house is much different than Warren's traditional Omaha home which is now worth about $600,000. His California home is very contemporary with six bedrooms and seven baths, big windows, sculptured ceilings and recessed lighting to spotlight the home's modern art, a long fireplace and multiple built-ins. All rooms, including the large family room and decks, have ocean and beach views and the rock cliffs spilling onto the beach of Emerald Bay.Newly priced at $7.9 million, the listing agent is Bill Dolby of Villa Real Estate, Emerald Bay, Calif.Visit TopTenRealEstateDeals.com for more historic, spectacular and celebrity homes and real estate news.