LONDON – Victoria and David Beckham decided to sell Hertfordshire mansion, nicknamed Beckingham Palace.
They bought the house for £2.5million back in 1999, but they spent nearly £18million of renovations and the property.
The couple is now moving to Los Angeles.
A source told the Daily Mirror: “David and Victoria didn’t want to lose money, putting their homes up for sale during a slump in the property market. So, after getting it valued two years ago, decided to hold off until now.”
They said: “Unfortunately, they have still lost quite a lot of money on their UK home due to all the renovations they carried out.
“They don’t need the money, as such, but no longer use either place and realise in this current climate it’s crazy to effectively throw cash away.
“The Beckhams have made LA their home, and the kids are settled there. Victoria already has a studio there. She has already looked at a couple of apartments near Hyde Park and may decide to buy later this year.”