Nicole Buffett Black Sheep Billionaire

How does it feel when your grandfather is the richest man in the world? For Nicole Buffett, it means giving up cable TV and health insurance and making do on $ 40,000 a year. Here, she dishes her upbringing and why her grandfather Warren Buffett disowned.
Nicole Buffett is at home among the neo-hippies who arbitrarily around the laid-back, tree-lined streets of Berkeley, CA. In an elf 5 feet tall, dressed in a flowing peasant dress and sandals adorned with peace signs, her long hair in dreadlocks cascading streamers on his life, 32 years old abstract painter is just another of the city, free thought, granola-crunching inhabitants. And yet, it is a strange walk. "The first thing that most people think of when they hear my last name is money," he laughs.Not just money - gobs of it. Grandfather of Nicole Buffett, the legendary investor Warren Buffett, whose $ 58 billion fortune made him the richest man on the planet, grabbed a coat from Bill Gates last fall. So deep are Buffett's pockets that when the financial markets in September, craters so-called Oracle of Omaha alone supported Wall Street (at least for a day) by plunking down $ 5 billion troubled investment bank Goldman Sachs. ("Canonize Warren Buffett," screamed a headline on the website of CNBC.) But there is a bitter irony charity Buffett. White Knight of Wall Street is also a hardhead ruthless when it comes to his nephew himself, which he cut two years ago after a fight. "For him to discard me like that was devastating," Nicole says matter-of fact. "It 's always divided our family."When Nicole was 4, his mother married songwriter youngest child of Warren Buffett, Peter, a composer for commercials and film. He later adopted Nicole and her identical twin sister, who have been embraced as relatives of the biggest Buffett - especially Susan, the first wife of Warren, a passionate lover of music and cabaret. "A lot of people do not realize that my family is full of artists," says Nicole. (Susan Buffett, who died in 2004, was a buyer before the art of Nicole Nicole and named one of "my beloved grandchildren" in his will.)As a child, Nicole made regular visits to "grandfather" modest house in Omaha, where he still lives, purchased in 1958 for $ 31,500. Despite the humble digs, Nicole remembers the occasional spoils of wealth Buffett. At Christmas, when she was 5 years old, gave her a crisp $ 100 bill from his wallet. Once, she was invited on a private tour of the candy factory of Santa is his property. And twice a year, Peter Buffett packed her brood for a vacation to the mixture of his father to Laguna Beach. Nicole also remembers once tiptoeing in the study of his grandfather to fetch something, careful not to disturb him while he was reading the Wall Street Journal. Just as she turned to slip out, Buffett cleared his throat and said, "Nicole, I just want you to know that your grandmother and I are very proud of everything you've done as an artist." "It 's a really great deal for him to communicate on such an emotional level," says Nicole, her eyes welling up. "So it was a big deal for me."Nicole was clueless about the scope of the Buffett fortune until she was 17 years old when his grandfather appeared on the cover of Forbes for having exceeded magazine's annual list of the richest Americans. His classmates its almost rushed to school with the news. "I called my father, and he said, 'Yeah, my grandfather going to be getting a lot more press, and we're going to have to get used to this., But we will live our lives in the same way and do what we do always, '"says Nicole.In fact, the debut of the national media only intensified Buffett's efforts to preserve its way of life unchanged. Aware of the unfairness of what he calls "the ovarian lottery," Buffett explained to the family that there would be no handouts. "For most people, your life is largely determined by the wealth you were - or were not - born," says Nicole. "But our family was supposed to be a meritocracy." This philosophy resulted in an almost fanatical devotion to live as regular Joes. Buffett's children went to public schools, and when they were old enough to drive, share the family car. "I think not, but I grew up in a family with my parents saying, 'If you are lucky enough to find something you love, then do it,'" says Peter Buffett.Committed to spreading the values ​​homespun in his grandchildren, Buffett agreed to pay for their university education - and nothing more. He picked up the six-figure tab for art lessons from Nicole school. Once, Nicole called the office of his grandfather to ask if he had to help her buy a futon, when she moved into an apartment off campus. "Do you know what are the rules: only school fees," his secretary said.Four years ago, after the death of Susan, Buffett showed up to collect his family's annual Christmas dressed in a flamboyant over-the-top red suit and Santa hat, a gift from "Arnie" (California Governor Arnold Schwarzenegger). Everyone laughed at the absurdity of it all. When the party ended, Nicole ran into the arms of Buffett. "We are not a touchy-feely family, so when I did, the rest of the family seemed a bit 'surprised," says Nicole, beaming. "But he gave me this great big hug back."It 'was the last time that the couple would share a hug. Two years later, Nicole has agreed to appear in The One Percent, a documentary by Johnson & Johnson heir Jamie Johnson about the gap between rich and poor in America. "I was very lucky to have my education taken care of, and I had my living expenses taken care of while I'm at school," he says on camera. None of buffetts, a group famous press-averse, had never appeared in a public forum in order to serve for their education. Though Nicole informed the father of her role in the film and had no objection, he failed to give his grandfather a heads-up. When asked how he would react to the film in his interview, Nicole responds, "I am absolutely afraid of the judgment. Money is the radius of the wheel of life to my grandfather."Nicole admits that the comments may have seemed abrupt. "I wanted to say that my grandfather is like a Formula One driver who just wants to run - who just loves the game and wants to be the best," he says. But Buffett has been flayed. He had for some time felt ambivalent about Nicole and the request of his sister for his fortune - though Peter had legally adopted, divorced in 1993, her mother remarried three years later. To make matters worse, while you put the film on Oprah, Nicole confessed, "It would be nice to be involved with creating things for others with that money and be involved in it. I feel completely excluded."The perceived sense of right and Nicole self-appointed role as spokesman for the family prompted Buffett to tell Peter that he had to give up. A month later, the mega-billionaire Nicole sent a letter in which he cautions against the pitfalls of the Buffett name: "People will react to you based on that 'fact' rather than who you are or what you have accomplished." He scanned the letter declaring, "I have not emotionally or legally adopted you as a grandchild, nor have the rest of my family that has adopted as a niece or a cousin." Nicole was devastated. "He signed the letter 'Warren,'" he says. "I've got a card from him just a year earlier, which is signed 'Grandpa'."But Buffett's decision was irrevocable. "I do not have a simple answer on where my father comes from," says Peter Buffett, who talks to Nicole regularly. "But I know that you can not change the points of a leopard." Jamie Johnson convinced Nicole to tape a follow-up interview, which added as a postscript to his emotional film. "To pretend that we do not have a family relationship is not based in reality. I spent years of my life at his home in Omaha.'m Shocked and hurt," says Nicole.Now, despite her sterling surname, Buffett is getting by on $ 40,000 or so a year, mostly from the sale of his paintings (collectors are Shirley Temple's daughter Lori Black and Hollywood special effects guru Scott Ross). There is no denying that piques interest Buffett name in the world of art, in which Nicole pieces recovered up to $ 8000. One of his techniques is to leave unfinished works outside, exposed to the elements. "I like to see what happens," he says, hovering over canvases mottled with sunbursts of color.Nicole completes its income from work in a boutique in San Francisco, but still can not afford cable or health insurance. Since their fight, Buffett began to send consistent checks Christmas grandchildren, despite its non-gifts rule. Even so, Nicole vigorously insists that she has no regrets. "I think you can see who is trying to get in touch with her grandchildren in a more personal way," he says, before pausing. "It probably is rewarding for them to behave."In the two years since they last spoke, Nicole has been besieged for the image of his grandfather. "I can not turn on the TV or read a newspaper without seeing it," he says, referring to his role in the bailout of Wall Street and as an advisor to Barack Obama during his presidential candidacy. He dreams of a reconciliation, however unlikely. Still, she says she'll never stop being a Buffett. "I will always be self-sufficient," she says, curled up on the couch, her dreadlocks draping her body like a quilt. "Grandpa taught me that, and set the tone for my life."Leah McGrath Goodman is editor-at-large for Trader Monthly and is working on a book about the merchants who built the world oil market, which will be released in 2010.

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