Stewart Resnick buys winery

Fiji Water, the bottled water company that's part of the L.A. billionaire's empire, is acquiring Justin Vineyards & Winery in Paso Robles. Purchase price was not disclosed. This is the eighth winery acquisition this year, twice as many as last year and the most since 2007. From Bloomberg:

Before the recession, the market was flooded with bottles priced from $25 to $100 as existing wineries ramped up production and new entrants came to the market, Daniels said. Now many are sitting on excess inventories as middle-class consumers cut back purchases of pricey wine and opt for bottles below $20.

Resnick and his wife are the biggest growers of citrus, pomegranate, almonds and pistachios in the U.S.