It turns out living like rock legend Tom Petty doesn’t come cheap — but it’s still a far cry from “Free Fallin’.”
According to the New York Post, Petty’s longtime Malibu, California, estate has finally sold for $11.2 million, years after the late musician’s death and several price cuts along the way.
The 2.6-acre coastal property, perched above Escondido Beach, first hit the market in 2024 with a lofty $19 million price tag, and later dropped to $15.49 million last summer, according to The Post. It was most recently listed for $12.99 million before closing the deal this week at just over $11 million.
Petty, best known for classics such as “I Won’t Back Down,” “Mary Jane’s Last Dance,” and “Free Fallin’,” purchased the property in 1998 for about $3.75 million. It served as his main residence for decades until his death in 2017 from an accidental drug overdose at age 66.
The new owner is Stephen Slade Tien, a psychoanalyst and author who was reportedly drawn to the home’s lush gardens and secluded location. He was represented in the deal by Michael Telega and Or Brodsky of Compass, while Levi Freeman and Myra Nourmand of Nourmand & Associates handled the listing.
The sprawling estate features roughly 8,744 square feet, including seven bedrooms and a guesthouse that Petty converted into a recording studio, complete with professional-grade acoustic design and pre-wired sound equipment. It’s believed Petty and his bandmates laid down music there during his later years.
Despite Malibu’s reputation for luxury and celebrity, the local real estate market has faced a slowdown following devastating wildfires earlier this year. The Journal notes that the median home price in Malibu fell to $3.26 million in the third quarter — a 21% drop year-over-year, according to data from the Westside Estate Agency.
Still, Freeman told the outlet he’s confident the market will bounce back.
“It’s a real opportunity now for a lot of people,” he said.
