Billionaire’s Heir Breathes New Life into Upstate New York Town
In a remarkable tale of inheritance and investment, Peter Buffett, son of billionaire Warren Buffett, has transformed the charming upstate New York town of Kingston. This story unfolds decades after Peter cashed out a $90,000 inheritance at the age of 19.
Peter, now 66, and his wife Jennifer have called the outskirts of Kingston home since 2011. They reside in a $1.2 million farmhouse that dates back to the 1800s. But their impact on the town goes far beyond their personal residence.
The Buffetts have poured a whopping $250 million into Kingston’s redevelopment. Their goal? They aim to establish a “balanced society.” Most of this money flows through their nonprofit, the NoVo Foundation.
Their first big move came in 2013. The couple bought the 1,600-acre Gill Farm, renaming it the Hudson Valley Farm. This wasn’t just about owning land. They had bigger plans. The farm now trains farmers, hosts agricultural research, and aims to create an organic food system.
During the tough times of the 2020 COVID-19 pandemic, the farm stepped up. It gave out 300,000 pounds of food to the community when people needed it most.
But the Buffetts didn’t stop there. They’ve given money to food banks and helped fix up old buildings. They’re even building a place for young people to hang out. It will be located in an old furniture factory that they purchased in 2022.
To support local businesses, they introduced “Buffet Bucks.” It functions as a unique form of currency that is exclusively available within the town.
Peter’s journey to this point is interesting. At 19, long before moving to Kingston, he cashed in $90,000 of stock to start making music. Later, he got $500,000 in Berkshire Hathaway stock. When his mom died in 2004, he inherited $10 million.
Then, in 2006, something big happened. Warren Buffett gave Peter and Jennifer $1 billion. He also promised to give them more Berkshire stocks every year. That same year, Peter and Jennifer started the NoVo Foundation.
One of the old buildings they fixed up was the Bonesteel House. It’s a funny-looking eight-sided building on Broadway. Since 2021, it’s been home to Radio Kingston.
Peter is on the radio station’s board. According to Peter, the radio station facilitates the convergence of diverse voices in Kingston. The station tells people about the foundation’s projects every day.
But not everyone’s happy. Some say the radio station is just pushing the foundation’s ideas. One shop owner even called it “propaganda.”
The radio station isn’t the only media causing a stir. A local news website, Kingston Wire, says the foundation stopped giving them money. They think it’s because they didn’t write enough positive things about the foundation.
Kingston is undergoing a transformation as the Buffetts increase their investments. During the pandemic, more people moved in. Some of them began working for companies that the NoVo Foundation supports. This has made houses more expensive.
In August, the average house in Kingston cost $449,000. That’s $25,000 more than the average U.S. house in September.
Peter knows this is a problem. In 2021, he wrote about how sad he was to see Kingston changing so much. He worried that the very people he wanted to help might not be able to afford to live there anymore.
Despite the changes, Kingston still faces challenges. In 2022, 18.4% of people there were poor. The average income was $62,071.
Looking to the future, Peter has a big job ahead. When his father dies, Peter and his siblings will be in charge of giving away all of Warren’s money. They’ll have just 10 years to decide which charities get it.
The story of Kingston shows how complex change can be. Even with the best intentions, helping a town grow can have unexpected results. As Kingston continues to evolve, many will be watching to see what happens next in this small New York town that caught the eye of a billionaire’s son.