Media mogul Rupert Murdoch has purchased the historic 16-acre Moraga Vineyard Estate in Bel Air. Dubbed one of Los Angeles’s “rare trophy properties” by the Los Angeles Times, Moraga was listed for $29.5 million but a final purchase price was not revealed.
Murdoch owns an array of media properties under his News Corp. umbrella, including the Fox Network and Wall St. Journal. He has an estimated net worth of $11.2 billion, but recent media reports hint that Murdoch is ready to step down from his role with News Corp.
Murdoch announced the acquisition of Moraga in a tweet sent out last week, according to the Times.
“About to celebrate buying beautiful small vineyard right in LA. Great wine, Moraga, owned by great Angelino, Tom Jones, Time cover, 1961,” Murdoch tweeted.
Jones is the former chief executive office of Northrop Corp. He and his wife, who developed the winery, had lived on the property ever since buying it in 1959.
According to the Times, Moraga wine is sold at a variety of high-end restaurants in Los Angeles. The property is able to produce quality wine because of its deep-gravel soil and elevation in the Santa Monica Mountains above Bel Air, which draws much heavier rainfall than the L.A. Basin.
The Moraga property was developed in the 1930s and 1940s by movie executive Victor Fleming, who is best known for directing such venerable films as “Gone With the Wind” and “The Wizard of Oz.” There is a 7,700-square-foot residence on the land along with a wine cave, guest house and 4,400 square-foot guest house.