Tom Petty’s Los Angeles-area retreat has surfaced on the market for the third time. Petty had listed the property in the early spring of last year, shortly before his untimely death. The property was re-listed in the fall of last year with an asking price of $5.895 million, and is now offered with a revised asking price of $5.495 million.

The waterfront home is called ‘Casa Della Madonna.’ It is situated on Lake Sherwood, hidden away on a very private cul-de-sac. It dates to 1931.

The house is constructed using fieldstone from the surrounding countryside. It contains three bedrooms and three baths throughout its 5,300 square feet of living space. The interiors are expressed with warmth and the fundamental; soft earth tones, and a great deal of stone, tile, and timber. The stone walls are two feet thick, giving the home an unusually substantial feel. There’s a fair amount of eclectic ornament, too, with carved wood and period sconces augmenting the rustic aesthetic. Open-beam ceilings and a massive great room provide a heady sense of space and, one would imagine, excellent acoustics.

Picture windows and balconies give the small estate a timeless charm which belies its suburban location, making it a retreat in the best sense of the word. The property extends to a little over four-fifths of an acre, with mature olive trees augmenting the far-flung, Mediterranean feel of the estate.

Petty’s untimely death last October sent a shock wave through the American music scene. Over a career that spanned forty years, the gifted musician and his band The Heartbreakers helped define and redefine rock-and-roll.