Beckingham Palace sells to insurance tycoon for 11.5 million

The mystery buyer of Posh and Becks Hertfordshire estate has been unveiled as disgraced multi-millionaire Neil Utley.

The former insurance tycoon has shelled out a whopping £11.5 million for the home the Beckham's fondly named Beckingham Palace shortly after they moved to the 12-acre estate in 1999.

The 52 year old was a former Chief Executive of IAG UK the parent company of Equity Red Star before he stepped down in 2010 and was banned from working in the Lloyds market for two years.

 Mr Utley admitted to 'detrimental conduct' during his time at Equity and was forced to pay £130,000 in tribunal costs. According to the Mail Online, the hearing found he had failed to take 'reasonable steps to ensure that there were sufficient financial systems and controls over personal injury claims.'

Current Chairman of Hastings Direct, Mr Utley is also reported to have snapped up an Aston Martin and two Jaguars as part of the mammoth deal with the Beckhams' although the insurance mogul was unavailable to comment personally.

Mr and Mrs Beckham themselves are sure to miss their sprawling country pad, all three young Beckham boys spent time in Hertfordshire growing up before jetting off to live in Spain and then Los Angeles.

It is understood that Mr Utley sealed the deal on the multi million pound home and moved in last month.  The prestigious property boasts an indoor swimming pool, recording studio, professional style football pitch not to mention a woodland chapel and maze for the kids.

As the Beckham's themselves are believed to have splashed out a cool £45 million on a plush Kensington mansion, the retired footballer is expected to spend more time in central London with his family and new business partner, Chef, Gordon Ramsay.

Contact our Preston solicitors if you are buying or selling a property regardless of area or value, we can act for you on 01772 882 888 or email info@ellencourt.com.

Ellen Court Solicitors

Preston Conveyancers

Tel: 01772 882 888