The L.A. Times is reporting five guitars valued at about $100,000 that were stolen from Tom Petty and the Heartbreakers have been located and an arrest has been made. The instruments were stolen last week from a rehearsal space the band uses in Culver City, California. Petty issued a $7,500 reward for their return, and as word spread, fans added their own cash to the reward fund.

At the press conference yesterday, Culver City police said Daryl Emmette Washington, who worked as a security guard at the soundstage, was arrested in connection with the thefts after he pawned one of the guitars for $250.