Tom Petty’s longtime California home has sold for $11.2M

How much does it cost to live like Tom Petty? In this case, not a song.

The Wall Street Journal reports Petty’s longtime Malibu, California home has sold for $11.2 million.

That’s a pretty penny, but the estate sought millions of dollars more in its sale. In July, as The Post reported, the 2.6-acre estate asked $15.49 million. In 2024, the property listed for sale for a higher $19 million, according to reports at the time. It most recently settled at $12.99 million.

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.

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.

Its 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.

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 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.

But Freeman told the outlet the market would rebound.

“It’s a real opportunity now for a lot of people,” he said.