What is Tom Petty Net Worth 2023: Things To Know

Tom Petty was an American musician, singer, and songwriter. He was the lead singer and guitarist of the rock band Tom Petty and the Heartbreakers, formed in 1976.

Petty’s music career spanned more than four decades. He sold more than 80 million records worldwide, making him one of the best-selling music artists of all time. In 2002, Petty was inducted into the Rock and Roll Hall of Fame.

Have you ever wondered what Tom Petty net worth is? If yes, the following article will provide the best information about this famous one’s salary.

What was Tom Petty’s Net Worth?

Tom Petty was an American musician, singer, and songwriter with an estimated net worth of $95million in the year of his demise. The popularity of his music lasted for more than 40 years, and his shows consistently sold out until his death.

Tom has recorded several hits and sold over 80 million albums as an individual artist and with his three groups, Tom Petty and the Heartbreakers, The Traveling Wilburys and Mudcrutch. He died on October 2, 2017, following an accidental drug overdose that led his heart to arrest.

Early Life

Tom Petty was born Thomas Earl Petty on October 20, 1950, in Gainesville, Florida. Her mother, the Kitty, worked in an office for taxation, and her father, Tom, Earl, was a grocery store employee. Tom was a twin brother named Bruce, who was seven years older.

Earl loved to drink or gamble. In addition, he was frequently verbally and physically violent to Tom. When he was 10, Petty came across Elvis Presley and became interested in rock and roll, and he decided he was interested in joining an ensemble after watching The Beatles on “The Ed Sullivan Show.”

Tom quit high school when he was 17 to pursue a career as the bass in his band, Mudcrutch.

Music Career

Although Petty began his career as a bassist for Mudcrutch, he quickly became their frontman and primary writer. The group relocated from Los Angeles in 1974 but disbanded the following year after their sole single had done poorly. In 1976, the band’s members Mike Campbell and Benmont Tench joined Tom in Tom Petty, the Heartbreakers, and Ron Blair and Stan Lynch.

The self-titled album was released in November of the same year. It included two singles, “Breakdown” and “American Girl.” The band released 12 studio albums and numerous hit singles, including “Don’t Do It Like That,” “Refugee,” “Don’t Come Around Here No More,” and “Mary Jane’s Last Dance.”

The group performed at The Super Bowl XLII halftime show in 2008, an event rated number 12 in “Rolling Stone” magazine’s list for 2020 of the top Super Bowl halftime shows. Tom Petty and the Heartbreakers The group’s final performance was held during the Hollywood Bowl on September 25, 2017. “American Girl” was the final song they performed in their concert.

In 1988, Tom joined George Harrison’s group, The Traveling Wilburys, along with Roy Orbison, Bob Dylan, and Jeff Lynne. The group released two studio albums and won a Grammy in the category of Best Rock Performance by a Duo or Group in 1990. The second album was recorded with Roy Orbison, who passed in December 1988.

Petty released his debut self-titled album “Full Moon Fever” in 1989. It included “Free Fallin’,” I Will Never Remain Down,” and “Running Down a Dream,” which would later become the biggest hits of his career. Petty would later release two additional solo albums in 1994, including “Wildflowers” and 2006’s “Highway Companion.”

Acting Career

Tom began his career as an actor in the form of an appearance in the movie “FM.” The actor followed that appearance with parts in the 1987 film “Made in Heaven” and the 1997 film “The Postman.” Petty also played a regular part on the animated TV show “King of Hill” and also appeared on “It’s Garry Shandling’s show,” The Larry Sanders Show,” and “The Simpsons.”

Personal Life

Tom was married to Jane Benyo from 1974 to 1996 and Dana York from 2001 until he died in 2017. He had two daughters with Benyo; Adria is a video director who has worked with Beyonce and Regina Spektor, and Anakim is a designer and artist. Petty was also the stepfather of York’s son Dylan.

Petty struggled with addiction to heroin in the latter part of 1990 and found help in a rehab center for addiction which was successful in treating his addiction to heroin before the Heartbreakers tour in 1999.

Real Estate

The house Petty’s situated in Encino, California, was ignited by an arsonist who was not identified in May 1987. The fire did around $1 million of damage.

Their recording studio of Tom was the sole space that didn’t get damaged. Tom built a new house in the exact spot. His ex-wife Jane was given the house when they separated. Jane was forced to leave the house in foreclosure in the year 2015.

It was sold to a buyer for $2.6 million last year and $4.5 million in 2018. Then Selena Gomez bought it for $4.9 million in 2020. Tom was also the owner of a property in Lake Sherwood, California, which was purchased in 2007 for $4.4 million back in 2007. The home was sold at $4 million in 2019.

When he died, demise, Petty lived in a 5,300 square-foot Malibu estate that was purchased at $3.8 million in the year 1998.

He also had two other Malibu houses, a cottage located at Escondido Beach and the $1.8 million property in Los Angeles’ Pacific Palisades neighborhood that would later be home to son Dylan Epperson, his widow Dana’s adult son from an earlier relationship.

In September 2020, Dana Petty paid $4.7 million for a brand new house in Los Angeles’ Brentwood neighborhood.

Death

Tragically, Tom died on October 2, 2017, aged 66; he passed away on October 2, 2017. His wife Dana discovered him dead in a coma, not breathing, and suffering from cardiac arrest in their Malibu home in the morning. Even though Petty was revived the next day, he passed away at the UCLA Medical Center in Santa Monica.

A funeral service was held in the Self-Realization Fellowship Lake Shrine in Pacific Palisades on October 16. A post-mortem examination revealed there was a drug overdose.

Fentanyl and oxycodone, acetyl fentanyl despropionyl fentanyl and temazepam, as well as alprazolam and citalopram, were detected inside his bloodstream. His family members stated that Tom was taking medications to treat emphysema, knee issues, and a hip fracture and believed that it was because his pain was unbearable and led to the overdose.

A dispute about Petty’s property and catalog resulted, and his daughters filed a lawsuit against Petty’s widow to recover $5m in 2019. The suit was settled in December; however, the details haven’t been revealed.

Legacy

Tom Petty and the Heartbreakers were awarded a star on the Hollywood Walk of Fame in 1999. They were also admitted into the Rock and Roll Hall of Fame in 2002.

In 1996 Petty won the George Gershwin and Ira Gershwin Award for Lifetime Achievement in Musical Performance and the American Society of Composers, Authors and Publishers’ Golden Note Award. He was awarded the Billboard Century Award in 2005, and in 2017, Petty was named MusiCares Person of the Year.

In the city of Gainesville, Tom Petty and the Heartbreakers were granted a key for the town in the year 2006, and on October 20, 2018 (on the day that would have been the 68th birthday of Tom Petty), Gainesville’s Northeast Park was renamed “Tom Petty Park.” Petty was a fan of the park as a kid, as did his daughters and brother were present at the ceremony to rename the park.