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An Encino, Calif., mansion originally custom-built by late and legendary rock star Tom Petty has come up for sale at almost $5 million. The existing residence, a three-story timber-and-stone structure laced with intricate, geometric wrought-iron terrace railings, was custom built by Petty in the late 1980s after a heartbreaking 1987 arson fire destroyed everything but the three-time Grammy winner’s basement-level recording studio.

Petty’s ex-wife, Jane Benyo, retained the property in their 1996 divorce but lost the house to foreclosure in 2015. The current owners, who have extensively updated and renovated the entire property, obtained it from the bank just over a year ago for almost $2.6 million. There are a total of six bedrooms and 10 bathrooms in almost 11,500 square feet.

A soaring atrium with dizzying circular staircase serves as a hub around which spoke a handful of living and entertaining spaces, including a cavernous living room under a vaulted and skylight-lined driftwood-beamed ceiling with an immense stone fireplace; a semicircular dining room; a vast kitchen with two marble-topped islands; and a family room anchored by a huge whitewashed-brick fireplace. There’s also a greenhouse-style breakfast room, a windowless media lounge with wet bar and sunken seating area and a lofted office space with pint-size wet bar.

The property contains two master suites, one with an oversize sitting area, marble-tiled fireplace and marble-sheathed bathroom, the other with a morning bar, massage room and meandering, multilevel bathroom where a wall of floor-to-ceiling glass looks out on a waterfall that tumbles down a jagged rock wall. Located in what was Petty’s recording studio, the pool house includes a lounge, wine cellar, exercise room and full kitchen.

Coincidentally, Petty’s former lakefront villa in Ventura County’s picturesque Lake Sherwood community has been for sale since March 2017 at a steadily declining variety of prices that started at just under $6.2 million and have since sunk to a smidgen less than $5 million.

The property is represented by Craig Knizek and Ninkey Dalton at The Agency.