Hot Property: Owned by Tom Petty at the time of his death, the rustic home is set on a private cul-de-sac in Lake Sherwood, California.

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A retreat owned by rocker Tom Petty at the time of his death is on the market in Lake Sherwood, an area near Thousand Oaks, California, for $5.495 million. A year ago, the home was listed for $5.895 million, records show.

Set at the end of a steep road on a private cul-de-sac, the rustic home has three bedrooms and three bathrooms within its 5,300 square feet of living space. There are lake and mountain views from the master suite, living and dining rooms and balconies.

Built in 1931 and later expanded, the house features hardwood floors, vaulted and beamed ceilings and a massive fireplace in the great room. Locally sourced fieldstone lines the exterior, the courtyard entry and parts of the interior.

Outdoors, lush landscaping and mature olive and cypress trees give the property a relaxed vibe. At the edge of the property is 125 feet of lake frontage, a boat ramp and a dock.

Petty, who died last year at 66, gained fame in the late 1970s as the frontman of Tom Petty and the Heartbreakers. The band’s hits include “Breakdown,” “Free Fallin’” and “Don’t Do Me Like That.”

The singer-songwriter later embarked on a successful solo career.

Petty bought the home more than a decade ago for about $4.41 million, records show.