Tom Petty’s former home is staying in the music industry. The Encino mansion has been bought for $4.485 million by a limited liability company tied to Randy Spendlove, the president of Motion Picture Music at Paramount Pictures.
The sale price is around half a million less than when it first came to market in May.
On a tree-filled acre, the gated estate displays a markedly different style compared with the late rocker’s stay. An extensive remodel has given the 9,076-square-foot interior a more contemporary vibe.
An expansive great room, anchored by a floor-to-ceiling stone fireplace, opens the floor plan. Set under vaulted ceilings lined with skylights, the space has hardwood floors and a sweeping staircase.
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White-painted brick surrounds the fireplace in the family room and the stainless steel stove in the whitewashed kitchen. Other main-level highlights include a glass-enclosed dining area and a living room with a wet bar and sunken lounge.
The master suite, one of six bedrooms and nine bathrooms, expands to a private terrace. From the second story, another staircase ascends to a rounded loft. There’s also a gym, wine cellar and guest suite with a kitchenette.
Outside, palms top a lagoon-style pool and spa. Indoor-outdoor lounges, a kitchen, a waterfall and a lawn complete the property.
Tomer and Isadora Fridman of Compass handled both ends of the deal.
Petty, who died last year at 66, sold more than 80 million records during his prolific career as both a solo artist and with his band, the Heartbreakers. The Rock and Roll Hall of Fame inductee’s hits include “I Won’t Back Down,” “Free Fallin’” and “American Girl.”
Spendlove has worked for A&M Records, Miramax Films and Paramount Pictures during his time in the entertainment industry, collaborating with artists such as Beyoncé, Sheryl Crow and Green Day along the way. In 2003, he won the Grammy for best compilation soundtrack album for a motion picture for “Chicago.”
Earlier this year, he offered up his 1920s home with a recording studio for $1.899 million in Sherman Oaks.