New Money

Warren Buffett's Granddaughter Dishes About Family Friction

By Katy Marquardt

Posted: December 18, 2008

Until the recent publication of his first authorized biography, Warren Buffett famously kept mum about family matters. Naturally, he wasn't pleased when his adopted granddaughter, Nicole Buffett, appeared in The One Percent, a 2006 documentary by Johnson & Johnson heir Jamie Johnson focusing on the offspring of the elite (see her in the trailer here.) On camera, she says, "Money is the spoke in my grandfather's wheel of life." Soon after, she went on Oprah.

Big mistake. Buffett sent her an icy letter that essentially disowned her.

Now, Nicole is talking to Marie Clare about their falling out and how self-reliant she is: getting by on $40,000 a year by selling paintings (might her name have anything to do with that?) She also makes a dig at the Oracle for mailing sizable Christmas checks to his other grandchildren, to which she says, "probably he's rewarding them for behaving."

I completely agree that she is not Buffett's granddaughter. His son adopted her after he divorced her mother. Even if he adopted her while still married, Nicole should have no expectations from Warren as he was not party to the adoption. If I was Buffett, I would do the same thing: treat her the same as other family members while together as a family, but give her no money while I was either alive or in my will. It would be no different than anyother step child - they are not blood relation.

I have heard he treats his other "granddaughter" exactly the same. They are pleasent when together as a family but are excluded from the annual cash gift Buffett passes out to each family member.

Scott of NY @ Jan 14, 2009 16:50:53 PM

Nicole Buffett

I look at this from a different angle. I don't think she thinks she's 'entitled' to anything. And I don't think her comment about money being a spoke in his wheel of life as anything but truthful. I think he has a hair about his son marrying a ready-made family and doesn't want this 'pretenders' to have anything to do with his money. So he is using the only excuse he can come up with to keep them from getting his money. I'm wondering how he is treating his other 'granddaughter' her twin.

I don't recall her saying in any conversation that she wanted anything from her grandfather except his acceptance and love.

Let me ask you a question, the man is elderly and he can't take it with him, what would YOU suggest he do with it all? I know, give a lot a way to charitible causes, like Bill Gates, but are you saying that if you had a relative that rich, you wouldn't like to have some of the money? Let's be honest.

hassomesense of TX @ Dec 21, 2008 12:46:43 PM

What an ungrateful little twit. Had absolutely nothing to do with earning the money but thinks she should have some say in how it is spent. And why is she qualified to do that? She needs to wash/comb her hair and go out and support herself and then decide how she wants to spend HER money. Kudos to Mr. Buffett. If more parents/grandparents were willing to do that with their spoiled, ungrateful progeny the world would be a better place.

penniesforsense of CA @ Dec 18, 2008 16:35:25 PM

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New Money

Katy Marquardt, a senior editor at U.S.News & World Report, takes a contemporary look at happenings in the financial world and aims to help young investors get going with their portfolios--or just sound cool at cocktail parties. Have a question? E-mail Katy at newmoney@usnews.com

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