The Beckhams sell Beckingham Palace for £12 million to bid for £45 million mansion in London
By HANNA FLINT
PUBLISHED: 00:40, 6 October 2013 | UPDATED: 07:59, 6 October 2013
It seems Beckingham Palace will not be passed down to younger generations of Beckhams, as David and Victoria have reportedly sold their Hertfordshire home for £12 million.
The couple are allegedly pooling the cash from the property as well as from the sale of a number of their luxury cars, to buy a £45 million mansion in central London.
According to the Sun On Sunday, the Beckhams decision to sell up is down to 'the beginning of a new era for the family.'
Sold! David and Victoria Beckham have reportedly sold Beckingham Palace for £12 million, a 9.5 million profit from when they bought it 14 years ago
A source told the tabloid: 'David in particular was desperately sad to sell the family home as their 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 Brooklyn, 14, Romeo, 11, and Cruz, eight, to call it home for a few years before their move to Spain then Los Angeles because of their dad's footballing career.
The price of the house - a 9.5 million profit from when they bought it in 1999 for 2.5 million - includes several sports cars, which reportedly includes one of his favourite Ferraris, and in addition, two Jaguars and the family's £2.6 million holiday home in France.
12 acres of memories: Brooklyn, Romeo and Cruz all grew up in the Hertfordshire estate before David's career took them abroad
New beginning: The couple are hoping to move their family to west London, near to where their children go to school
The family of six have 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.
The new mansion which Victoria and her hubby have their eye on is a four-storey west London property, 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.
Best of both: The family will reportedly holiday in LA during the breaks from their kids school so they can enjoy the Californian sun
The Sun On Sunday also report that they family hope to spend the school year in the UK , while making sure they get to enjoy the Californian sun during their kids' holiday.
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.'
The Beckhams will reportedly move out of the palace after Christmas, allowing the new owners - supposedly a 'thrilled' husband and wife - a fresh start for the new year just like the famous family they bought the house from.
Mail Online have contacted David and Victoria's representatives for comment.
Miss the place? David is sad to be sad to sell their first family home
Read more: The Beckhams 'sell Beckingham Palace for £12 million to bid for £45 million mansion in London' | Mail Online