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David, Victoria lose $11m on LA mansion

2012-12-14 12:31
 
Los Angeles - David and Victoria Beckham have lost $11m on their Los Angeles mansion reports the Daily Mirror.

The couple - who have four children, Brooklyn, 13, Romeo, 10, Cruz, seven, and 17-month-old Harper - have decided to keep their six-bedroom Beverly Hills abode, despite the house declining in value to just over $6m, five years after they purchased the property for $17m.

The pair are also expected to retain the gardeners, housekeepers and cleaners to maintain the abode, even though they look set to return to Europe after the 37-year-old star decided to quit soccer team LA Galaxy.

"David and Victoria originally considered selling up but then had their home valued. Unfortunately, they bought it at the peak of the housing boom and before the US property crash," a source told the Daily Mirror.

Victoria spotted house-hunting

"Despite spending heavily on the place over the years, it simply doesn't make sense to sell up now. They will hold on to it, use it as their Californian base and hope the market picks up."

Victoria was spotted house-hunting in London last month, which has fuelled speculation the pair are to return to the UK on a permanent basis, and David has been linked to several English Premier League clubs as well as French outfits Paris Saint-Germain and Monaco, since announcing he is leaving LA Galaxy.

"It is a really exciting time for the family as Victoria's fashion career is so well established she can work from just about anywhere.
David, meanwhile, cannot wait for a new challenge," the source added.

- BangShowBiz

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