Introduction to Tom Petty’s California Home
The Wall Street Journal reports that Tom Petty’s longtime Malibu, California home has sold for $11.2 million. This is a significant sale, but the estate initially sought millions of dollars more. In July, the 2.6-acre estate asked $15.49 million, and in 2024, it listed for sale for a higher $19 million. It most recently settled at $12.99 million.
The Estate’s History and Features
Tom Petty passed away in 2017.
An aerial of the estate, which Petty purchased in 1998.
Inside, the dwelling boasts an airy layout.
The interiors also fill with sunlight.
Petty was best known for his timeless hits, such as “I Won’t Back Down,” “Mary Jane’s Last Dance” and, of course, “Free Fallin’.” In 2017, he died of an accidental drug overdose at the age of 66.
Purchase and Ownership
Petty purchased the spread, set above Escondido Beach, for roughly $3.75 million in 1998. It served as his main residence for the following decades. The new owner is the psychoanalyst and author Stephen Slade Tien, who was drawn to the gated property, in part, for its gardens, the Journal notes. Michael Telega and Or Brodsky, of Compass, represented him in the deal. Levi Freeman and Myra Nourmand, of Nourmand & Associates, had the listing.
Property Details
In sum, the listing has about 8,744 square feet and seven bedrooms. This being Petty’s former lair, he converted a guesthouse into a personal music studio where he and his bandmates recorded tunes. It’s pre-wired and acoustically designed.
The kitchen has handsome beamed ceilings.
The dining room.
Across its structures, the residence has a total of seven bedrooms.
The grounds include a pool and spa.
Just steps from the pool is a firepit for evening entertainment.
Market Trends
The home wasn’t damaged during the wildfires that ravaged the region early this year. Despite that good news, and Malibu’s longtime recognition for fame and fortune, the local property market has struggled — as certain areas are still quite damaged from the flames. The Journal notes the median price of $3.26 million in the third quarter was down by 21% year-over-year, according to data provided from Westside Estate Agency.
Future Outlook
But Freeman told the outlet the market would rebound. “It’s a real opportunity now for a lot of people,” he said.
Conclusion
The sale of Tom Petty’s California home for $11.2 million marks a significant transaction in the Malibu real estate market. Despite the challenges faced by the local market due to wildfires, the sale of this iconic property suggests that there is still interest in high-end homes in the area. The property’s unique features, including its music studio and beautiful gardens, made it an attractive purchase for the new owner.
FAQs
- Q: How much did Tom Petty’s California home sell for?
A: $11.2 million - Q: How many bedrooms does the property have?
A: Seven bedrooms - Q: Was the home damaged in the wildfires?
A: No, the home was not damaged - Q: What is the median price of homes in the area?
A: $3.26 million in the third quarter, down 21% year-over-year - Q: Who is the new owner of the property?
A: Psychoanalyst and author Stephen Slade Tien
