Warren Buffett's Estranged Granddaughter Said He Paid For College—But When She Asked For A Futon, She Was Told 'You Know The Rules—School Only'

When your last name is Buffett, people assume your bank account reflects it. But for Nicole Buffett, the reality was far different. In a 2008 Marie Claire interview, the granddaughter of billionaire investor Warren Buffett says she grew up with financial limits most wouldn't expect from one of the world's richest families.

Buffett, known for his frugality and deep belief in self-sufficiency, agreed to cover his grandchildren's college expenses—but nothing more. Nicole, an artist, attended a prestigious art school on her grandfather's dime. But when she needed a simple futon for her off-campus apartment, the answer was a firm no.

"You know what the rules are: school expenses only," she recalls being told by Buffett's secretary when she called his office for assistance.

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Growing Up Buffett: A Name That Opens Doors—But Not Wallets

Nicole was just four years old when her mother married Warren Buffett's youngest son, Peter, who later adopted her and her twin sister. They were raised as part of the Buffett family, with Nicole making regular visits to her grandfather's Omaha home—an unassuming house he purchased in 1958 for $31,500.

Despite Buffett's wealth, extravagance wasn't part of the family playbook. In the interview, Nicole talked about the small but memorable gifts, like the crisp $100 bill Warren handed her one Christmas. Family vacations were comfortable but far from opulent, and the Buffett philosophy was clear: merit, not money, would dictate success.

"I didn't even understand how wealthy my grandfather was until I was 17," Nicole admitted. She learned about his fortune when he landed on the cover of Forbes as the richest man in America. Her classmates bombarded her with questions, but at home, the message remained the same: "We'll be living our lives the same way and doing what we always do."

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Buffett's philosophy on wealth was ironclad. He often spoke about the "ovarian lottery," emphasizing that being born into privilege shouldn't mean unlimited handouts. His children attended public schools, shared a family car, and were raised with the expectation that they would forge their own paths.

The Rift: From Buffett Granddaughter to Cut Off

While Nicole embraced the Buffett name, her connection to Warren came to a halt after she participated in "The One Percent," a documentary about wealth inequality. She spoke about her experience as part of one of the world's richest families—without her grandfather's permission.

In the film, she acknowledged that she had been fortunate to have her education covered but hinted at a desire for more involvement with the family fortune. "It would be nice to be involved with creating things for others with that money and to be involved in it. I feel completely excluded from it," she said while promoting the film on "Oprah."

Her comments reportedly didn't sit well with Warren Buffett. Not long after, he made a point to clarify that, despite Peter's adoption, he did not consider Nicole his granddaughter "in a legal or emotional" sense. 

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A Name, but Not the Fortune

Back in 2008, Nicole had told Marie Claire she was making a living as an artist, earning around $40,000 per year—far from the billionaire lifestyle people would assume comes with her last name. 

"It's easy for people to assume that the last name comes with unlimited access," she has said. "But that's never been the case for me."

For Warren Buffett, the rules have always been clear. College? Covered. Anything beyond that? You're on your own—even if all you need is a futon.

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