The third richest man in the world, Warren Buffet has put his Laguna Beach mansion up for sale.

The 86-year-old American businessman is ready to part with the home he bought for $150,000 nearly 50 years ago for the price of $11 million.

The CEO of Berkshire Hathaway has financed ‘substantial’ renovations in the home over the last 46 years, which was built in 1936 and spans 3,588 square feet.

However, noting the billionaire’s trademark thriftiness, the home maintains simple decor and keeps to a neutral colour tone.

The architecture of the home is uniquely secluded, with private entrances to two bedrooms, and a family room with an ‘expansive’ viewing deck is separate from the main home.