David and Victoria Beckham have reportedly sold their Hertfordshire home, which was famously dubbed Beckingham Palace, for £12 million.

The couple, who bought the mansion for £2.5 million after they married in 1999, will officially move with their four children after Christmas.

A fleet of David's cars - including a Ferrarii - was sold with the house, according to The Sun.

The newspaper reports that this is "the beginning of a new era for the family" as they are allegedly buying a £45 million mansion in central London.

A source said: "David in particular was desperately sad to sell the family home as their are so many memories there. They have had years of happiness in the home, but practically now there is no need to keep it."

The couple are also selling their £2.6 million French holiday home, as they plan to spend most of their time in London.