Charlie Munger revealed why he lived in the same house for decades instead of upgrading to keep up with his rich friends

• Investing legend Charlie Munger gave an interview to CNBC shortly before his death at age 99.
• Munger said he lived in the same house for decades even as his rich friends upgraded.

Charlie Munger, the investing legend and longtime business partner of Warren Buffet, said he lived in the same house for decades because he thought it'd be better for his kids.

Munger, who died at age 99 on Tuesday, discussed that decision in an interview with CNBC that occurred shortly before his death. CNBC shared clips of the interview, in which the former vice chairman of Berkshire Hathaway discussed his life and regrets.

"Warren and I both live in the same house for decade after decade after decade, and all our friends get rich and build bigger and better houses," Munger said. "Naturally we both considered bigger and better houses, and I had a huge number of children so it was justifiable even."

Munger had a total of eight children: three with his first wife, including a son who died of cancer at age 9, and four with his second wife, Nancy Munger, as well as two stepchildren.

Still, Munger said he "decided not to live a life where I look like the Duke of Westchester or something," adding that he avoided it on purpose.

When CNBC's Becky Quick asked why, Munger said, "I didn't think it would be good for the children," agreeing with Quick when she suggested it would spoil the kids.

Despite amassing an estimated net worth of $2.3 billion in his lifetime, Munger lived modestly, even driving his own car, Reuters reported.