(IDEX Online) - Media magnate Rupert Murdoch has reportedly splashed out $2.5m on a diamond engagement ring for his fifth wife.Murdoch, 92, (pictured) is to marry Ann Lesley Smith, 66, this summer, after divorcing wife number four, supermodel Jerry Hall, last July.Widow Ms Smith was seen wearing the 11-carat Asscher-cut gem at Los Angeles Airport last week The couple first met in September2022."It's the largest size diamond that you could wear every day," Carol Woolton, a contributing editor to Vogue, told the Daily Mail."If you're getting engaged at this point in your life, she's going to want to wear things, not lock them away in a safe."Australian-born Murdoch is executive chairman of News Corp and has a fortune estimated by Forbes at $17.6bn.