Tom Petty's Iconic Malibu Residence Sells for $11.2 Million
The legendary rock musician's Malibu home, a Mediterranean-style estate spanning 8,744 square feet, has been sold for $11.2 million. This marks a significant increase from the $3.75 million Tom Petty paid for it in 1998. The property, located on a 2.6-acre plot, features seven bedrooms, 10 bathrooms, a converted guest house turned personal music studio, a swimming pool, and a basketball court.
The sale comes after a series of price reductions, starting at $19 million in 2024, then $15.5 million in July, and finally $12.99 million. Despite the lower sale price, the home's value has still appreciated substantially.
The new owner is Stephen Slade Tien, a psychoanalyst and author. The home holds sentimental value as it was Tom Petty's primary residence for many years and served as a creative haven for the musician.
Tom Petty's death in 2017 at the age of 66 was a tragic loss for the music industry. He was found unresponsive at his Malibu home and later pronounced dead at the UCLA Medical Center in Santa Monica. The cause of death was ruled as an accidental overdose of fentanyl and other opioids.
In 2019, Petty's lake house in Santa Monica sold for $4 million, further highlighting his real estate investments and legacy.
For a glimpse of the newly sold Malibu home, check out the Wall Street Journal's Instagram post, which features captivating photos of the property.
