David and Victoria Beckham have sold their Hertfordshire home for £12 million and are apparently pooling the cash from the property as well as from the sale of a number of their luxury cars, to buy a £45 million luxury property in London, according to the Sun On Sunday.
Their decision to sell the famous family home, known as Beckingham Palace, is down to 'the beginning of a new era for the family.' A source told the tabloid: 'David in particular was desperately sad to sell the family home as there are so many memories there. They have had years of happiness in the home, but practically now there is no need to keep it.'
The Beckhams bought the 12-acre estate just three months after their wedding, allowing their three sons aged between eight and fourteen to call it home for a few years before their move to Spain then Los Angeles due to their father's football career.
The price of the house — which they bought in 1999 for £2.5 million - includes several sports cars, including one of David’s favourite Ferraris, and two Jaguars as well as the family's £2.6 million holiday home in France.
The family has been staying in the country mansion since returning from Los Angeles, after David's football contract with LA Galaxy came to an end. Now the retired footballer has more time on his hands to focus on his kids, as well as outside ventures including his new restaurant with pal Gordon Ramsay, Union Cafe in Borough.
Luxury property in London
The new luxury property in London which the family has their eye on is a four-storey west London mansion, which they hope Ramsay will design a five star kitchen for. They have also reportedly enlisted the help of friend and interior designer Kelly Hoppen.
The Sun On Sunday also report that the family hope to spend the school year in the UK, while making sure they get to enjoy the Californian sun during the school holidays.
The source said: 'They want the California sunshine for the kids but the education system of the UK - so they're getting the best of both worlds.'
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