TV Titan, Barbara Walters' Ex-Husband Merv Adelson Dead At 85

LOS ANGELES (CBSLA.com)  —   He created a TV empire and married a TV empress -- twice.

Merv Adelson, co-founder of the TV giant Lorimar, died Wednesday at 85.

Adelson often discussed his rise to fame and fortune -- and how he lost it all. He was once one of the most powerful and richest men in Hollywood with an estimated $300 million bank account.

The enigmatic and charismatic Adelson co-founded Lorimar -- makers of such TV hits as "Eight is Enough," "Dallas," "Knots Landing," "The Waltons" and "Full House" in 1969.

Adelson -- a supermarket and real estate mogul before he got the showbiz bug -- was married to Walters — from 1981-84 and again from 1986-92.

By 2003, he declared bankruptcy and was living in a 500-square foot one-bedroom apartment near the Santa Monica Pier.