The Beckhams’ ‘Beckingham Palace’ Plus an Aston Martin and Two Jaguars Sold at £11.5 Million

David and Victoria Beckham's Rownerbury House, or what is popularly known as the "Beckingham Palace," situated in Hertfordshire, has been sold at £11.5 million which is equivalent to more than $20 million dollars.

According to the Daily Mail, a 52-year-old multi-millionaire insurance tycoon named Neil Utley was the one who bought David and Victoria's sprawling 12-acre real estate property. Mr. Utley has already been living in the mansion since February, the British webloid further reported. He is the chairman of Hastings Direct, one of the fastest growing insurance companies in the UK.

In 2013, Mr. Utley has gotten into a predicament after he had admitted having detrimental behaviour during his time at Equity Red Star. He was ordered to pay £130,000 in court-hearing costs and was forbidden to work in the Lloyds market for a couple of years.

The wealthy businessman is at number 462 in the Sunday Times Rich List of 2012, The Mirror reported. Mr. Utley made his riches from insurance as well as a number of business establishments in the UK.

Aside from the property, Mr. Utley also received David and Victoria's Aston Martin and two Jaguars as part of the deal. It also has second house called a mini-Beckingham Palace, a woodland chapel, ancient ruins replica, garden, barbecue area, recording studio, indoor swimming pool, snooker room, gym, and a football pitch.

The "Beckingham Palace" was reportedly bought by David and Victoria in 1999, several months after they wed. They bought it for £2.5 million so they have earned £9 million profit from their recent deal with Mr. Utley. Three of their four kids, Brooklyn, Romeo, and Cruz, have lived in the house for a long time before their family moved to Spain because of David's football career. David and Victoria reportedly needed to sell the property to obtain cash to invest in their new mansion located in central London.

Recently, it has been reported that David and Victoria also bought the late fashion designer's Gianni Versace mansion in Miami for £36 million.