Beckingham Palace sold to insurance tycoon for millions

London - David and Victoria Beckham's Hertfordshire mansion has been sold to a disgraced insurance tycoon.

The mystery buyer of the sprawling 12-acre estate - nicknamed "Beckingham Palace" - has been revealed as Neil Utley, the chairman of Hastings Direct, who moved into the couple's former home last month after paying £11.5m.

According to the Sunday People newspaper, the staggering sum also included the couple's Aston Martin and two Jaguars as part of the deal.

Last year Utley was ordered to pay £130 000 in tribunal costs and banned from working in the Lloyds market for two years after admitting "detrimental" conduct during his time at motor insurance company, Equity Red Star.

Utley - who stepped down as chief executive of IAG UK, Equity's parent company in 2010 - had allegedly failed to take appropriate measures to ensure there were sufficient financial systems and controls over personal injury claims.

Victoria and David are believed to have used the money from the sale of their former Hertfordshire home to invest in their new £45m mansion in central London, where they live with their four children, Brooklyn, 14, Romeo, 11, Cruz, eight, and two-year-old Harper.

The Beckhams reportedly earned £9m in profit from the sale after buying Beckingham Palace in 1999 just three months after their wedding.