Tom Petty's longtime Malibu home has reportedly been sold for $11.2 million. TMZ has reported that the late singer's estate was sold for a notable discount. It was first listed on the market this summer for $15.49 million, a year after it was listed for $19 million with another brokerage. However, it was still sold at a profit, years after the late singer purchased the estate for $3.75 million in 1998. Fans have since begun wondering about Petty's personal finances. According to Celebrity Net Worth, the singer-songwriter boasted a net worth of $95 million before he died. Petty succumbed to an accidental overdose at the age of 66 in 2017. He was best known as the frontman of Tom Petty and the Heartbreakers, formed in 1976. The band produced several hit tracks, including "American Girl," "Free Fallin'," and "I Won't Back Down." He also formed the Traveling Wilburys alongside Bob Dylan, George Harrison, Jeff Lynne, and Roy Orbison. During his career, he was awarded three Grammy Awards and inducted into the Rock and Roll Hall of Fame in 2002, among other things. Everything we know about Tom Petty's sprawling longtime Malibu home: According to TMZ, Tom Petty's home spanned 2.6 acres. The Mediterranean-style estate features 7 bedrooms and 10 bathrooms spread across 8,744 square feet. It also features the late singer's music studio, which was previously a 2-bedroom guest house. The sprawling estate on Escondido Beach also features a swimming pool, fire pit, and a "sport court." The gated property with views of the water was constructed in 1943 and served as Tom Petty's main home until he died. TMS has further reported that the listing was held by Myra Nourmand and Levi Freeman of Nourmand & Associates. The Wall Street Journal has reported that although Tom Petty's home did not sustain any damage in the Palisades wildfires from earlier this year, the local real-estate market has been struggling. This is because "you have to drive past a lot of devastation," Freeman said. The New York Post has reported that the estate's new owner is Stephen Slade Tien, a psychoanalyst and author. He was reportedly drawn to the party for its gardens, in part. He was represented by Michael Telega and Or Brodsky of Compass. As of this writing, Dana Petty, who was married to Tom from 2001 until his demise in 2017, has yet to issue a statement. Stay tuned to SoapCentral for more.