H
ow much would it cost to live like Tom Petty? The Wall Street Journal reports his long‑time Malibu home sold for $11.2 million. The estate had originally aimed for higher figures: in July it was listed at $15.49 million, and in 2024 it appeared on the market for $19 million before finally closing at $12.99 million. Petty died in 2017. The 2.6‑acre property, bought in 1998 for about $3.75 million, sits above Escondido Beach and served as his primary residence for decades. Its new owner, psychoanalyst and author Stephen Slade Tien, was attracted by the gated grounds and gardens. The transaction was handled by Compass agents Michael Telega and Or Brodsky, while Nourmand & Associates’ Levi Freeman and Myra Nourmand listed the home.

    The 8,744‑square‑foot estate features seven bedrooms, a pre‑wired music studio that Petty converted from a guesthouse, and an airy layout bathed in natural light. The kitchen boasts exposed beams, and the dining room offers a spacious setting. Outdoor amenities include a pool, spa, and a fire pit just steps away. The property escaped damage from the recent wildfires that scorched the region, though Malibu’s real‑estate market has been hit hard, with the Westside Estate Agency reporting a 21 % drop in the median price to $3.26 million in Q3. Freeman remains optimistic, noting that the market is poised for a rebound and presenting a “real opportunity” for buyers.

    Petty, famed for classics such as “I Won’t Back Down,” “Mary Jane’s Last Dance,” and “Free Fallin’,” passed away at 66 from an accidental drug overdose. His Malibu home, once a creative hub, now stands as a testament to his legacy and a high‑end property that reflects the lifestyle he enjoyed.