(TheDrinksBusiness) - 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 Verdo