Rupert Murdoch moves into wine14th May, 2013 by Andy Young
Rupert Murdoch, the founder and CEO of News Corporation is moving into the wine business, after purchasing a vineyard in Los Angeles.
Murdoch, who Forbes magazine claims is worth US$11.2 billion, has bought the 16-acre Moraga Vineyards estate, which is located in the hills above Bel Air.
Although the purchase price has not been revealed the property was listed with Surterre Properties of Newport Beach for $29.5 million.
The media mogul tweeted at the end of last week: “About to celebrate buying beautiful small vineyard right in LA. Great wine, Moraga, owned by great Angelino, Tom Jones. Time cover,1961!”
The estate currently produces a red wine, which is a blend of Cabernet Sauvignon and Merlot with small amounts of Cabernet Franc and Petit Verdot.
The estate’s white wine is produced from Sauvignon Blanc grapes. The first commercial vintages were 1989 for Moraga Red Wine and 1998 for Moraga White Wine. The vineyard produces between 300 and 600 cases a year with the red wine retailing for $125 a bottle and the white wine at $65 a bottle.
Murdoch has bought the property from Thomas Jones, the former CEO of Northrop Grumman, who has owned it for 30 years. Jones bought the vineyard from Victor Fleming the director of Gone with the Wind and The Wizard of Oz.
Jim Kline, the estate agent who is handled the sale told the Wine Spectator: “I think he’s very interested in learning the wine business and carrying on Moraga the way that it has been. I think it’s something that intrigues him. And it’s a spectacular property.”