For US$11 million (S$15.5 million), you can own the holiday home of legendary investor and the world's third richest man Warren Buffett.

Mr Buffett, the chief executive of Berkshire Hathaway, has put his six-bedroom house in California's Laguna Beach on sale for that price.

"For the first time in nearly 50 years the legendary 'Oracle of Omaha's' home (at) 27 Emerald Bay is now available!" says the listing by Villa Real Estate.

Mr Buffett, 86, has owned the ocean-view home in the coveted gated community since 1971, when he paid US$150,000 for it. He has used the house for family vacations for the past 46 years, according to US media reports.

Built in 1936, the 3,588 sq ft home has been renovated over the years. Five bedrooms have en suite bathrooms, two have private entrances, and a large family room with an expansive viewing deck is separated from the main home.

"While pricey, it's still quite modestly sized for a billionaire's getaway," said CNBC.

Mr Buffett, who according to Forbes has a net worth of US$60.8 billion, is known for a relatively modest lifestyle. The house, similarly, has a simple decor and keeps to a neutral colour tone.

The billionaire investor, who spends most of his time in Omaha, Nebraska, told The Wall Street Journal he bought the house because his first wife Susan liked it, not because he saw it as an investment.

At Christmas family gatherings, he told the Journal, he often would hunker down in the master bedroom to write Berkshire Hathaway's annual report. He also made trips from there to Disneyland with his family and friends.

But his use of the house waned after his wife died in 2004.

He previously owned an adjoining home next door which he sold a year later.