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Celeb R.E.: The Former Home of Rock N Roll Legend Tom Petty in Encino Hits the Market

Images courtesy Prudential California Realty
Image courtesy Google Maps
Fresh on the MLS is the longtime former home of Rock N Roll legend, Tom Petty, in Encino just below the Encino Dam listed on August 12, 2013 for $3,575,000. The home is actually owned by Tom Petty's ex wife, Jane Benyo Petty, who was married to Tom from March 31, 1974 to September 9, 1996. Petty later met Dana York in 1993 and married on June 3, 2001. 

This house has some interesting history where on May 17, 1987, an arsonist set fire to Petty's house where firefighters were able to salvage  the basement recording studio and the original tapes stored there as well as his Gibson Dove acoustic guitar. However, his signature gray top hat was destroyed. Petty later rebuilt the house with fireproof materials (LA Times May 18, 1987 article). 

Its not known when Petty first acquired this home or even when he left it but if I were gambling man it seemed like Petty probably acquired the home in the early 80's when Tom Petty and The Heartbreakers grew to fame. He most likely left the home sometime around his breakup with Jane in the mid-90's most likely resulting in Jane acquiring the property from Tom as part of the divorce proceedings. I am not entirely sure here so just speculating. 

The home itself is about 95% empty which means Jane has already made her move and is looking to get rid of this massive mansion. The property taxes paid on this home in 2011 was $44,700 which is enough to make your heart stop. Well at least for us little people. We will speculate on her new location later on. 

The home measures 5 Beds/8 Baths on 9,076 sqft on a total lot size of 0.87 acres built in 1989 (because of the arson fire). The listing description states with no mention of a recording studio so I am wondering if Tom never had one built or its simply not mentioned: 
Encino's prestigious Rancho Estates. This impressive gated compound is set on a bucolic 1+ acres at the end of a quiet cul-de-sac. The expansive motor court offers abundant parking w/ 3 car garage & 4 car carport. This custom estate has been exquisitely updated & expanded. The great room is anchored by a 2-stry fplc & opens to a crescent-shaped FDR. The FR w/ fplc flows seamlessly into the gourmet kit w/ blue granite center island prep station, dual Viking ovens/ranges & dual refrigerators. There's a full guest suite & elaborate media room w/ bath. A loft-like gym/yoga room w/ bath & sauna room. Lavish master suite w/ its own retreat w/ viewing balcony & bath w/ spa tub, dual sinks, over-sized shower & massive cedar-lined closet, plus 2 add'l bedroom & baths. The rear grounds feature raised waterfall spa & lagoon pool. There's a covered patio for alfresco dining amidst the magnificent lushly landscaped grounds. Truly a creative hideaway where your imagination can soar.
It's hard to calculate the profit potential on the sale of this home as there is no purchase price listed online nor is the out of pocket cost of the rebuild available considering that Tom Petty was most likely reimbursed by his insurance policy. I am just going to go out on a limb and speculate there is a potential profit of $1.5 - $2 million. Anyone else care to wager?

Tom Petty now lives on Lake Sherwood in Thousand Oaks along with other celebrities. That exact location and when he moved there is not known. Its also possible that Tom owns a Malibu home but I cannot verify. 

Tom is originally from Gainesville, Florida where I believe he purchased a Saint Augustine, Florida beach front home consisting of three separate parcels with Jane sometime ago. According to property records, the current owner is Jane possibly as a result of the divorce proceedings. Its possible that this property might be used as an investment property for vacation rentals and/or a second home for Jane because in 2005, it appears that Jane acquired a 2 Bed/1 Bath condo on 1,008 sqft on Balboa Blvd in Encino for $415,000 near the top of the market. 

Its too bad that Tom no longer lives in the SFV but Heartbreakers co-founder and lead guitarist, Mike Campbell, still calls Tarzana home. Even though Tom left the SFV a long time ago, we still have the classic, Free Fallin' to watch in appreciation which helped put Reseda, Ventura Blvd, and Casa de Cadillac on the map. The video is below.

Other celebrities living or previously lived in Encino discussed on this blog are the following:
  1. Actress Kate Walsh settled down paying $2.725 million in July 2013. 
  2. NBA and TNT Analyst, Kenny "The Jet" Smith, Lists mansion for $2,975,000 in July 2013. 
  3. Comic legend, Martin Lawrence, quietly purchases a mansion for $6,630,000 in June 2013. 
  4. Improv king, Ryan Stiles, unloaded Robert Byrd Designed home for $3.1 million on May 2013. 
  5. Singer Marc Anthony purchased an Amestoy Estates home for $2.5 million in May 2013. 
  6. Funnyman Kevin James recently sold two homes; the larger mansion for $5.5 million in May 2013 and the smaller home for $1.6 million in March 2013.
  7. The late Warren Cowan, who was a publicist to the stars, just sold for $2 million on March 2013.
  8. Shirley Jones of the Partridge Family is currently available for $2.1 million.
  9. The late Fred Travalena's long time Encino home currently listed at $1,425,000. 
  10. David Hasselhoff's long time Encino Mansion currently priced at $3,795,000.
  11. Joe Simpson's Royal Oaks Mansion which is currently listed for $4,395,000
  12. The former Al Jolson Estate which was owned by Charlie Sheen at one time is listed for $6.5 million. 
  13. The former home of Selena Gomez just sold for $3.5 million in December 2012.
  14. Heidi Saban Stills (father is billionaire Haim Saban) home just sold for $2.4 million in February 2013.
  15. The former Macy Gray home is available for $5.9 million.
  16. The former Joey Lawrence home just sold for $1.875 million in February 2013.
There are many celebrities who previously or currently call Encino home like Tori Spelling (former), Scott Baio (former), the Jackson Family compound, Leighton MeesterAnnette Funicello's fire destroyed homeBrian BloomTamar Braxton and Vincent Herbert (former)Vampire Diaries Director (former)Jennifer Morrison (former)Dave GrohlDonald Penn, and Shirley MacLaine (former) to name a few (or several).

You can view more SFV Celebrity Real Estate here 

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Marty Mcfly

Anything and everything about the San Fernando Valley. This blog will take you back in time when the valley was covered with dirt and orange groves to a leader in the space race to its current status as America's suburb. Come along and join me on this adventure, I guarantee you have been influenced/impacted by the San Fernando Valley in one form or another even if you have never visited or heard of the SFV.

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