NEW YORK (CNNMoney.com) -- The winning bid on a coveted lunch with Warren Buffett, the world's second-richest man, was $620,100 on eBay Thursday.

Bidding ended at 10 p.m. ET.

This year's winning bidder is identified on eBay as "fastisslow." In the end, "fastislow"'s sole remaining competitor, someone known as "magicyourlife," pushed the price from $503,000 to $620,000 in a series of bids starting Thursday afternoon.

Last year's lunch went for $351,100 on eBay (up $0.51 to $29.26, Charts), paid by an anonymous bidder.

The lunch is a benefit for Glide Foundation, a non-profit group that offers food, shelter and job training to the poor and homeless in San Francisco.

Buffett, known as the "Oracle of Omaha" for his stock-picking prowess, will host the auction's winner and up to seven of his friends at lunch.

The lunch will be held at the Smith & Wollensky (down $0.06 to $4.88, Charts) restaurant in New York, on a date agreed upon by Buffett and the winning bidder.

Bidders had to pre-qualify for the auction.

Buffett owns nearly 40 percent of diversified holding company Berkshire Hathaway (down $7.95 to $3,065.00, Charts), and acts as its manager.

Related: Buffett has no plans to leave Berkshire