Tom Petty's $5.4 Million Lake House for Sale

01/21/2018 01:15 am EST

Tom Petty's Thousand Oaks, California home is up for sale, with an asking price of $5.495 million.

The house is located in Lake Sherwood, an exclusive neighborhood near the Sherwood County Club in Thousand Oaks, reports TMZ. The property covers 5,300 square feet and has three bedrooms and three bathrooms. It also features 125 feet of lake frontage on a private cul-de-sac.

The house walls are two feet thick and is located just three minutes away from the country club. It is also nine miles from the Malibu coast.

The legendary "I Won't Back Down" singer bought the house in 2007 and put it on the market months before his death in October. It was first listed for $5.895 million, but the sellers re-listed it last week at a lower price.

Amy Alcini and Dana Sparks of Compass Real Estate are handling the sale.

Compass told Town & Country in November that the home was designed by a set designer for silent movie star Rudolph Valentino. However, Valenitno died from appendicitis at age 31 in 1926, long before the home was competed in 1931.

Petty died on Oct. 2, 2017 from a heart attack caused by an accidental overdose. On Friday, the Petty family issued a new statement on the "Free Fallin'" singer's death.

"Unfortunately Tom's body suffered from many serious ailments including emphysema, knee problems and most significantly a fractured hip," the statement read. "Despite this painful injury he insisted on keeping his commitment to his fans and he toured for 53 dates with a fractured hip and, as he did, it worsened to a more serious injury. On the day he died he was informed his hip had graduated to a full on break and it is our feeling that the pain was simply unbearable and was the cause for his over use of medication."

The Petty family went public in the hope that the autopsy report can save lives during the opioid crisis in the U.S.

"On a positive note we now know for certain he went painlessly and beautifully exhausted after doing what he loved the most, for one last time, performing live with his unmatchable rock band for his loyal fans on the biggest tour of his 40 plus year career," the statement read. "He was extremely proud of that achievement in the days before he passed."

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