Ever wondered what it costs to live like Tom Petty? Well, it’s not about belting out his songs.
Recently, Petty’s beloved home in Malibu, California, sold for $11.2 million, according to The Wall Street Journal.
This, of course, was a notable figures, though it fell short of the sale price the estate was aiming for. Initially listed at $15.49 million last July, the property had seen a price tag exceeding $19 million in 2024. Eventually, it settled at $12.99 million.
Petty, who passed away in 2017 at 66 from an accidental drug overdose, was famous for many classic tracks, including “I Won’t Back Down” and “Free Fallin’.” He purchased this picturesque property above Escondido Beach in 1998 for around $3.75 million, where he made his home for several decades.
The new owner is Stephen Slade Tien, a psychoanalyst and author, who was reportedly inspired by the lush garden. The deal was facilitated by Compass agents Michael Tellega and Ol Brodsky, while Levi Freeman and Myra Nourmand of Nourmand & Associates handled the listing.
Spanning roughly 8,744 square feet, the property features seven bedrooms and was once Petty’s sanctuary. A guesthouse on the premises was transformed into his personal music studio, where he and his band recorded. This room was equipped with pre-wiring and acoustics tailored for sound quality.
The kitchen boasts a striking beamed ceiling, and the dining area has a cozy yet elegant feel. The property’s amenities include a pool, spa, and even a fire pit perfect for gatherings by the pool at night.
Fortunately, the house wasn’t damaged in this year’s wildfires that affected the region. Still, despite this small victory and Malibu’s glitzy image, the local real estate scene is facing challenges, as some parts continue to grapple with fire damage. As shared by Westside Estate Agency, the median price in the third quarter dipped to $3.26 million, marking a 21% decrease from the previous year.
Despite this downturn, Freeman suggests there’s light ahead, saying, “This is a real opportunity for a lot of people.”
