The home is currently owned by Paramount Pictures executive Randy Spendlove, who bought it in October 2018 for just under $5 million.
According to the Los Angeles Daily News, the bottom floor used to be Petty's recording studio; the OC Register reports that the studio was the only thing spared after the 1987 fire. The studio was dismantled years ago.
Petty was the lead singer of Tom Petty and the Heartbreakers. The band formed in 1976 and were, as Consequence of Sound reports, at the "forefront of the heartland rock movement." They are one of the best selling bands of all time, having sold more than 80 million records across the globe.
In addition to having two kitchens, the home also has a wine storage area and a gym.
J.P. Morgan foreclosed on the home in 2015, then sold it in 2017 for just $2.575 million. The home was then refurbished before being sold to Spendlove in 2018.
Pictured below is one of the home's six bedrooms, which receives an abundance of natural light, with floor-to-ceiling windows.
One of the ten bathrooms also has floor-to-ceiling windows ...
The home also has a comfy lounging area near the pool ...
... and two kitchens inside.
There's an impressive pool on the property, in addition to a spa and a rock waterfall.
The home's current asking price is $4.995 million.