You have to be royalty to live in England’s Buckingham Palace. You just have to be super-rich to live in the estate known as ‘Beckingham Palace’. Cue controversial insurance entrepreneur Neil Utley.
According to The Daily Mail, Utley, 52, and his wife Narmali, 46, agreed on a cash deal for the 7-bedroom estate in Hertfordshire previously owned by David and Victoria Beckham. One of Britain’s wealthiest business tycoon’s has purchased ‘Beckingham Palace’ for a whopping $19 milion (£11.3). As mentioned, the deal is strictly cash for the stunning-property and its 17-acre super-estate. The couple, who married in August of 2010, are thrilled to have purchased such an incredible property in their homeland.
The seven-bedroom property includes a mini-Beckingham palace on the grounds, a woodland chapel, fake ancient ruins forming a playground, gardens, barbecue area and professionally tended football pitch. Including in the home – a recording studio, an indoor swimming pool, snooker room and a gym.
Utley is one of the 500 richest people in the United Kingdom. He’s made his fortune mostly through the insurance industry, but has several other business interests. Last November, he cashed in on the sale of Hastings Insurance to Goldman Sachs – a deal worth £135 million. Utley also has an eye for real estate, turning small profits on homes he’s purchased over the past 10 years.
All ‘Beckingham Palace’ to his list of extravagant assets. You can also find a golf course, fleet of sports cars, a yacht and a Harley-Davidson motorbike.
As for the Beckhams, they turned a pretty profit on the house (not counting all the additions and work done over the years). They purchased the property in 1999 for just £2 million. For now, they will reside in a four-story townhouse in London. Right before moving out, they held a one-off charity auction selling pieces from their home.
Sounds like your typical real estate transaction….
Photo by Kevork Djansezian/Getty Images
