24/03/2012 16:40 GMT | Updated 24/05/2012 10:12 BST

Posh And Becks Put Beckingham Palace On The Market

David and Victoria Beckham are selling their £18m mansion in Hertfordshire, England to make Los Angeles their full-time base.

And it's not just Beckingham Palace that's going on the market - Posh and Becks are selling their £2.5m house in France too.

A source told The Mirror that the Beckhams have wanted to sell up for a couple of years but have been waiting for the property market to improve.

The insider added that Victoria and David, worth a combined £165m, "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 couple is thought to have lost quite a lot of money on the Grade II-listed house because of all the renovations they have carried out.

They bought the 22-acre estate in 2003 and have since added indoor and outdoor pools, a petting zoo and floodlit tennis courts.

Once known as Rowneybury House, the property was a council-run children's home before the Beckhams moved in.