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Red Hot Chili Pepper moving from home

Red Hot Chili Peppers' bassist Michael Balzary is moving out of his Malibu home.

Red Hot Chili Peppers' bassist Michael Balzary is moving out of his Malibu home.

Red Hot Chili Pepper bassist Michael Balzary is moving out of his Malibu home, which he recently sold for $3.5 million.

Balzary, who is known as "Flea," originally placed the house on the market for $4.75 million in June, but lowered the asking price after it didn't attract buyers.

The mansion originally on the property burned down in 2007 as a result of the wildfires in Malibu, which threatened other celebrities' homes, such as those of Mel Gibson and Suzanne Somers.

Balzary purchased the 3,000-square-foot house in 2003 for $2.55 million. It sits on 2.4 acres and has two floors with three large bedrooms and bathrooms.

According to the Los Angeles Times, the mansion was designed by Marmol Radziner and features concrete floors inside and out in addition to multiple fireplaces and a panoramic ocean view.

The 49-year-old is a founder of the Grammy Award-winning group the Red Hot Chili Peppers. The group's 10th album was released this summer, called, "I'm With You."

The average price for a home in Malibu is $1.5 million, according to Zillow.com.