Rod Stewart 'Won’t Take a Penny Under' $70 Million for His L.A. Mansion (Exclusive)

"Basically, I don't want to sell it...There's too many fond memories," the rock icon tells PEOPLE of his L.A. estate that is currently listed for sale

Rod Stewart's sprawling Los Angeles home is up for sale — but he's not letting it go easily.

The rock icon, 78, listed the 38,500-square-foot Beverly Hills property for a cool $70 million earlier this month, and he tells PEOPLE in this week's issue, on newsstands Friday, he "won't take a penny under what I've asked for."

"Basically, I don't want to sell it, and the kids don't want me to sell if either," Stewart says. "There's too many fond memories. I've lived [in L.A.] since 1975, and I adore the place."

Designed for Stewart in the 1990s by celeb-favorite architect Richard Landry, the property features a variety of luxury amenities, including a soccer field, motor court, and an impressive pool.

Related: Rod Stewart Lists Sprawling L.A. Chateau for $70 Million — See Inside!

Part of why Stewart is looking to unload the property is because he plans to reside in England as his more permanent home base after the completion of his current world tour and Las Vegas residency in November. He said he does not think of L.A. as "toxic," despite reports otherwise.

"Let me get one thing straight here: [the press] quoted me saying Los Angeles was toxic. It's not toxic," he says. "It might be to other people, but I've had some of my best fun and years in Los Angeles. But L.A. is not toxic. Sometimes the air's a bit dirty, but I love L.A."

The end of this tour will not only see a shift in Stewart's personal life, but also in his career. In the future, he doesn't see himself doing a big rock 'n' roll tour again.

"This will be the last time 'round, I think, to do the rock 'n' roll stuff because I want to move on to swing music and the Great American Song Book," he says. "But I'm not taking my songs to the cemetery and burying them. I might bring them out on the odd occasion, but I basically would like to put them to rest for a little while."

After six decades of performing rock music, Stewart has found a new challenge in swing. He says his new album with pianist Jools Holland is done, and he plans to release it on Valentine's Day 2024.

"There's only so many years I want to keep singing 'Hot Legs' and 'Do Ya Think I’m Sexy?'" he says. "This really is fine music, and I've got the voice and the talent to pull it off, as you will hear when you hear the album. I can't imagine doing great big venues with it — we'll have to do smaller venues, which will be fun with a 19-piece orchestra. Rod is now your jazz singer."

Related: Rod Stewart Discusses Taking a Break from Rock 'N' Roll — and Clears Up Those 'Toxic' L.A. Comments (Exclusive)

At 78, Stewart does everything he can to keep his voice in tip-top shape. "That means a couple of hours singing a few days before these shows start," he says.

He keeps the same mindset with his body. When he's not performing, Stewart can often be found at home in his swimming pool, doing underwater SAS training, the program designed to prepare athletes for the British Special Air Service.

"You have a big rubber brick, and you've got to swim the length of the pool and push it the length of the pool, on the bottom of the pool," he says. "It's really wonderful. Well, sometimes it's not wonderful because I don't want to do it, but I'd say it's fun."

In between his shows, Stewart makes sure to do some kind of training or workout four days a week, whether it's running on his track or playing soccer.

"I work out extensively," he says. "But I'm generally very fit. I've played soccer all my life, and I don't smoke. It's funny, critics keep saying on this tour, 'Oh, he's gone off the stage to have a rest.' No I haven't! I've gone off the stage because I'm wringing wet. I'm so bloody fit, you won't believe it."

In July, Stewart will bring his eight kids and three grandkids (on May 9, his daughter Ruby welcomed her son Otis, whom she shares with partner Jake Kalick, and then on May 12, his son Liam welcomed son Louie with his girlfriend, Nicole) together for his tour dates in Spain.

"I've rented a huge house there, so the whole family is coming," he says. "So it's going to be wonderful. Dad has to work, of course. I have to go off and work every other night, but we'll all be together, which is difficult because they've all got their own lives now. But it may be the last time we do it."

Though there are a lot of exciting changes for Stewart on the horizon, he says nothing comes close to time at home with his wife, model Penny Lancaster, 52, and his children.

"[I love] seeing my children grow up, and I have to be a different father to each of them because they're all such radically different ages," he says. "I love what I do for a living, and I love my wife. I am truly blessed. That's all I can say."

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