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The textile mill that helped billionaire Warren Buffett launch his investment empire, but which he also called one of his biggest blunders, is being torn down.
Roland Letendre, owner of the Berkshire Hathaway mill in New Bedford, started demolishing the structure on Monday after efforts to sell the property failed.
The mill, built in 1927, had been on the market for $500,000, but it needs about $1 million in repairs, Letendre said.
‘‘The building just needed too much work,’’ Letendre told The Standard-Times of New Bedford.
The mill currently has no tenants. Letendre doesn’t have plans to redevelop the site himself, but will probably sell the land, he said.
Buffett, then an ambitious 34-year-old investor, acquired control of the textile manufacturer in 1965.