'Recession-hit' Beckhams lose 7m pounds as price of LA home plummets

Last Updated: Fri, Dec 14, 2012 11:20 hrs

David and Victoria Beckham have found themselves seriously credit crunched after discovering their LA mansion has plummeted in value to just over 4 million pounds.

Bought for 11 million pounds in 2007, the sprawling six bedroom, 10 bathroom property is now worth around a third of that, the Mirror reported.

Despite the footie star's decision to quit LA Galaxy, the pair have decided it's best to retain their Beverly Hills base.

"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 said.

"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," the source said.

In a further wallet-busting blow, the Beckhams will also have to retain staff to keep the 12,000 square foot mansion ticking over, including gardeners, cleaners and house-keepers. (ANI)

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