Tom Petty’s Malibu estate returns for sale asking $15.49M

A piece of California music history is coming back up for sale — and it really rocks.

The late Tom Petty’s Malibu estate is hitting the market for $15.49 million, Gimme Shelter has learned.

That price marks a listing discount. In the summer of 2024, news broke that the property was set to list for $19 million with another brokerage.

Petty — the singer, songwriter and guitarist — was known for his timeless, and masterful, rock anthems like “Free Fallin’” and “I Won’t Back Down.” Along with being known for his band Tom Petty and the Heartbreakers, he was also part of the Traveling Wilburys in the late 1980s — with fellow legends Bob Dylan, Roy Orbison, George Harrison and Jeff Lynne.

Petty died of an accidental drug overdose in 2017. He was 66.

He bought this Mediterranean-style retreat — which spans 2.6 acres — in 1998 for $3.75 million, sources said. It had served as his main residence ever since. 

Untouched by the wildfires that ravaged parts of Southern California, including LA, Malibu and the Pacific Palisades, the 8,744-square-foot, single-story home is on a private, double-gated street above Escondido Beach and Paradise Cove. Also notable, the property comes with Petty’s music studio, which he converted from a two-bedroom guest house. It’s pre-wired and acoustically designed.

Details include hand-painted Spanish tiles, a carved skylight, vintage chandeliers and five fireplaces — plus an eat-in chef’s kitchen that anchors the home. There’s also a “romantic” main bedroom suite, according to the listing.

Outside, there’s a pool, a fire pit, koi ponds, waterfalls and a “sport court” for basketball and pickleball.

The offering also includes an additional one-bedroom guest house, staff quarters and parking for around 15 vehicles. 

The listing brokers are Myra Nourmand and Levi Freeman of Nourmand & Associates.