David and Victoria Beckham intend to pay $5 million on refurbishments.
After giving away boxes of designer clothes to the charity shop, David and Victoria Beckham have purchased a home in west London for £40 million though will spend another £5 million on the property to bring it up to scratch.
David & Victoria Beckham
Describing the house as a "project," the couple are expected to move into the home when the modifications are completed towards the end of next year. The four storey home has seven bedrooms, five bathrooms and two rooms - just for Victoria's shoes.
An underground garage will store David's extensive fleet of cars and motorbikes, while a tunnel will ensure staff and security can travel in and out from a second property.
A friend of the family told The Sun on Sunday that Beckhams' plans were "mind-blowing" and that "They have been working to a new schedule since David retired from football."
"The new place is a project - and a place for the kids, particularly Harper. It will be her memories of a childhood home when she is older. And what a childhood she is going to have."
David, 38, and Victoria, 39, will reportedly occupy the entire top floor while a third floor will be for guests. Children Brooklyn, 14, Romeo, 11, Cruz, 8 and Harper, 2, will take the second floor.
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Reports earlier this month had suggested the family were looking to settle down, in the Kensington area. Then, a source told the Mirror: "After months of searching they have found their dream city home. Their offer should get accepted any day now.
"It is in a perfect, quiet location with discreet, well-to-do neighbours.
"David and Victoria want everything perfect. It will be unique."
The purchase follows the sale of their Herfordshire home, known as Beckingham Palace. The 12-acre estate cost the famous couple £2.5 million after they married in 1999. They flogged it for £12 million. That's profit.