Tom Petty's iconic Malibu mansion on market for $19 million

Tom Petty's former Malibu mansion is now on the market. 

The legendary musician's home has been listed for $19 million by Pamela Van Ierland, an agent affiliated with Coldwell Banker Realty. Many of Petty's biggest hits, including "American Girl" and "Free Fallin," were written at the property.

"Conveniently located in the heart of Malibu, the estate is a short distance from Escondido Beach. Once filled with love and musical creativity, this magical home awaits its next fortunate owner," Van Ierland said in a statement.

The legendary musician, who died in 2017 at the age of 66, and his wife, Dana, purchased the 10,000-square-foot home in 1998 for $3.75 million and used the property as their main residence for decades.

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The home boasts seven bedrooms, 10 bathrooms and features a mix of both modern and vintage touches, including cove hallways, antique sconces and vintage chandeliers. 

Limestone accents and dark hardwood flooring run throughout the home, including in the formal great room, which features a grand wood-burning fireplace and hand-carved skylight covers, which Petty personally designed.

Elsewhere in the home is the gourmet chef's kitchen, designed with Mediterranean influences. The spacious kitchen has plenty of counter space and cabinetry, providing a good amount of storage space. In addition, the room features skylights and a center island, which can be used for casual dining.

Near the kitchen is the sizable butler's pantry and laundry room. Aside from the great room, the home also features a much more casual library, with wood-paneling on the walls and a TV, as well as a music room where Petty wrote many of his hit songs.

While the kitchen has space for casual dining, the home also boasts a formal dining room, which has its own fireplace and enough seating for 16 people to comfortably enjoy a meal together.

"He loved that house, it was a sanctuary," Van Ierland told Mansion Global. Aside from being the listing agent, Van Ierland was a longtime friend of Petty and his wife. "It was always full of music and laughter and love."

Situated on an approximately 2.6-acre lot, many of the bedrooms have views of not only the spacious lush green lawn but also the ocean. Three of the guest bedrooms boast their own en suite bathrooms, a study area and access to an outdoor living space.

The luxurious primary bedroom comes with its own fireplace, a private patio that features a fountain, and an en suite bathroom complete with a vanity station and another fireplace.

Elsewhere in the home, there is a spacious workout room, a massage room and a yoga room.

The property also includes a separate studio apartment with its own living room and bathroom. Currently, the studio is being used as a rehearsal space and recording studio, but it can also be used as a theater, bar, game room or a guest room.

"[It’s] truly a magical estate, owned by an amazing man who left the world way too soon," Van Ierland said. "I hope that whoever buys it will have a connection to him and his music. It’s so full of memories."

In addition to the separate studio apartment, there is also a one-bedroom guest house on the 2.6-acre property, which has great views of the lush lawns, coral trees and the many ponds, fountains and waterfalls on the grounds.

FOX Business' Ashley Hume contributed to this report.