The sale price for Tom Petty's house has been dropped by almost half a million dollars.

The 'I Won't Back Down' hitmaker put his Thousand Oaks property on the market for $5.985 million just a few months before he passed away in October at the age of 66 but it has now been relisted with a price of $5.495 million.

TMZ reports the 5,300 square foot property has three bedrooms and three bathrooms and is just nine miles from Malibu.

Meanwhile, Tom's family recently revealed he died from an accidental drug overdose.

The family said in a statement, posted to Tom's official website: ''Unfortunately, Tom's body suffered from many serious ailments including emphysema, knee problems and most significantly a fractured hip. Despite this painful injury he insisted on keeping his commitment to his fans and he toured for 53 dates with a fractured hip and, as he did, it worsened to a more serious injury.

''On the day he died he was informed his hip had graduated to a full on break and it is our feeling that the pain was simply unbearable and was the cause for his over use of medication.''

After Tom's passing, touching tributes poured in, with pop megastar Taylor Swift claiming she ''idolised'' the musician.

She said: ''To me, Tom Petty represented a kind of songwriting I idolised: complex simplicity. It said so much in the lyrics, the concepts, the stories, the message, the nuances ... but always brought you back to a hook that got stuck in everyone's head. He motivated thousands of guitarists to learn to play just because they wanted to be able to play 'Free Fallin'. Count me as one of them.''

Bob Dylan - who co-founded supergroup Traveling Wilburys with Tom alongside George Harrison, Jeff Lynne, and Roy Orbison - also paid tribute to his late pal.

Bob, 76, said in a statement: ''It's shocking, crushing news. I thought the world of Tom. He was a great performer, full of the light, a friend, and I'll never forget him.''