Tom Petty Net Worth - Pulptastic

What was Tom Petty’s Net Worth?

Tom Petty, the American musician, singer, and songwriter, had a net worth of $95 million at the time of his death. He was a popular artist for over four decades, with his concerts selling out weeks in advance. Petty was a member of three bands, Tom Petty and the Heartbreakers, The Traveling Wilburys, and Mudcrutch, and recorded numerous hit songs, selling over 80 million albums as a solo artist and with his bands.

Unfortunately, Petty passed away on October 2, 2017, after an accidental drug overdose caused him to go into cardiac arrest.

Early Life and Musical Career

Tom Petty was born in Gainesville, Florida in 1950. His parents were Kitty, who worked in a tax office, and Earl, who worked at a grocery store. Petty had a younger brother named Bruce. Petty’s father was often abusive to him. At the age of 10, Petty met Elvis Presley and became interested in rock and roll. He dropped out of high school at 17 to focus on playing bass with his band, Mudcrutch, after being inspired by The Beatles on “The Ed Sullivan Show.”

Tom Petty’s Musical Career

Tom Petty began his music career as the bass player for Mudcrutch, but he soon became the band’s frontman and main songwriter. In 1976, he formed Tom Petty and the Heartbreakers, who went on to release 12 studio albums and several hit singles.

Petty was also a member of The Traveling Wilburys, a supergroup that included George Harrison, Bob Dylan, Jeff Lynne, and Roy Orbison. The band released 2 studio albums and won a Grammy in 1990.

Petty released his first solo album, “Full Moon Fever,” in 1989, which included some of his biggest hits like “Free Fallin'” and “I Won’t Back Down.” He went on to release 2 more solo albums: 1994’s “Wildflowers” and 2006’s “Highway Companion.”

Tom Petty’s Acting Career

Tom Petty made his acting debut in the 1978 film “FM” with a cameo role. He continued to act in movies such as “Made in Heaven” in 1987 and “The Postman” in 1997. Petty also appeared on several TV shows, including “King of the Hill,” “It’s Garry Shandling’s Show,” “The Larry Sanders Show,” and “The Simpsons.”

Personal Life

Tom Petty was married twice in his lifetime, first to Jane Benyo from 1974 to 1996 and then to Dana York from 2001 until his death in 2017. With Benyo, Petty had two daughters: Adria, a video director who has worked with Beyoncé and Regina Spektor, and Annakim, an artist and designer. Petty also became a stepfather to York’s son, Dylan.

In the late 1990s, Petty struggled with heroin addiction and sought help at a drug rehab facility, successfully treating his heroin abuse before the Heartbreakers’ 1999 tour.

Tom Petty’s Real Estate Holdings

In May 1987, an unknown arsonist set fire to Tom Petty’s home in Encino, California, causing $1 million in damage. His ex-wife Jane later lost the home to foreclosure in 2015, and it was sold for $4.9 million to Selena Gomez in 2020. Petty also owned a home in Lake Sherwood, California, which he sold for $4 million in 2019.

Petty’s primary home at the time of his death was a 5,300 square foot estate in Malibu that he bought for $3.8 million in 1998. He also owned a second Malibu home on Escondido Beach, which was acquired in 2010 for $6.8 million. In December 2022, his estate placed the Escondido Beach home for sale for $9.85 million.

Additionally, Petty owned a $1.8 million home in LA’s Pacific Palisades neighborhood, which was later occupied by his stepson Dylan Epperson. In September 2020, Petty’s widow Dana purchased a new home in LA’s Brentwood neighborhood for $4.7 million.

Tom Petty’s Tragic Death and Estate Dispute

Tom Petty passed away on October 2, 2017, at the age of 66. His wife, Dana, found him unconscious, not breathing, and in cardiac arrest at their Malibu home that morning. Despite being resuscitated, Petty passed away later that night at UCLA Medical Center in Santa Monica. An autopsy revealed that the cause of death was an accidental drug overdose, with various drugs found in his system.

A memorial service was held at the Self-Realization Fellowship Lake Shrine in Pacific Palisades on October 16th, and Petty’s family stated that he had been taking medication for various health issues, including emphysema, knee problems, and a fractured hip. They believed that the pain in his hip had become unbearable, leading to his overdose.

Following Petty’s death, a dispute over his estate and catalog ensued. In May 2019, his daughters sued his widow for $5 million. The lawsuit was settled in December 2019, but the details have not been disclosed.

Accolades and Honors

Tom Petty and the Heartbreakers received a star on the Hollywood Walk of Fame in 1999 and were inducted into the Rock and Roll Hall of Fame in 2002. Petty also received the George Gershwin and Ira Gershwin Award for Lifetime Musical Achievement in 1996 and the American Society of Composers, Authors and Publishers’ Golden Note Award. He was named MusiCares Person of the Year in 2017 and received the Billboard Century Award in 2005.

In Gainesville, Petty and the Heartbreakers were awarded a key to the city in 2006, and in 2018, on what would have been his 68th birthday, Northeast Park was renamed “Tom Petty Park.” Petty’s daughters and brother attended the renaming ceremony, as Petty had enjoyed visiting the park as a child.