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At a Berkshire Hathaway shareholder meeting on Saturday, Warren Buffett warned of over-inflated real estate prices by way of a personal example: "I recently sold a house in Laguna for $3.5 million. It was on about 2,000 square feet of land, maybe a twentieth of an acre, and the house might cost about $500,000 if you wanted to replace it. So the land sold for something like $60 million an acre."
· The oracle speaks [CNN/Money]