Rupert Murdoch, an Australian American entrepreneur and founder and CEO of News Corporation, is to purchase Moraga Vineyards in Los Angeles for nearly $29.5m.

The sale includes 16-acre estate, the winery and wine cave, brand and inventory, and a 7,500ft² private residence.

Located in the hills near the Bel Air community of Los Angeles, the property also includes a guest house and 4,400ft² office.

The estate is currently owned by Tom and Ruth Jones, who lived at Moraga since 1959.

The estate was previously owned by Victor Fleming, director of Gone with the Wind and The Wizard of Oz.

Jones made their first wine in 1989 and released it in 1992.

The vineyard is famous for its red wine, a blend of Cabernet Sauvignon, Merlot and Cabernet Franc.

The estate average production per year was in between 300 to 600 cases and the wine produced was sold for $125.

Moraga Vineyard also produces a Sauvignon Blanc.

Real estate agent Jim Kline, who is handling the sale, was quoted by the as saying, "I think he’s very interested in learning the wine business and carrying on Moraga the way that it has been."