MEDIA magnate, Mr Rupert Murdoch, who lives in Beverly Hills for two thirds of the year, is worth an estimated $3.2 billion, making him the richest person in southern California, a business publication reported yesterday.

The Australian born media tycoon, who is the main shareholder in BSKYB, and chairman of News Corp Ltd, edged out real estate baron Marvin Davis, whose net value was estimated by the Los Angeles Business Journal at $2.9 billion.

Third on the list is the Chandler family, which owns the Times Mirror Co and is worth an estimated $2.1 billion.