Posh and Becks 'turning their backs on Britain for good'

London, Mar 24 (ANI): David and Victoria Beckham are said to be leaving Europe altogether and putting their 2.5-million-pound house in France and 18-million-pound Beckingham Palace mansion on the market.

The couple, worth a combined 165-million-pounds, will now make LA their full-time base.

"David and Victoria have been wanting to sell up for a couple of years now but the timing was never right," the Mirror quoted a source as saying.

"They 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.

"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," the source said.

The couple's decision comes after the 36-year-old footballer snubbed a move to Paris Saint Germain, preferring to stay at LA Galaxy.

They bought their seven-bed Grade II-listed mansion in Hertfordshire for 2.5-million-pounds shortly after marrying in 1999.

However, they have spent almost 18-million-pounds on renovations, and the 22-acre estate now boasts indoor and outdoor pools, petting zoo, studio, gym and floodlit tennis courts.

While the refurbishments may not have been cost-effective, they look austere in comparison to their decision to buy their South of France hideaway.

After "falling in love" with the villa in 2003, they have spent no more than a fortnight in it. Rumours Victoria, 37, refused to stay there because it is haunted were unconfirmed.

The fashion designer will also have a small place in London.

"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," the source added. (ANI)