Beckingham Palace bought by Hastings chairman for £11.5m

Hastings Direct chairman Neil Utley has bought former Manchester United and England footballer David Beckham’s Hertfordshire mansion for £11.5m.

The seven bedroom property, dubbed Beckingham Palace, comes with a recording studio, indoor swimming pool, garden maze and a football pitch.

The 1930s Georgian-style mansion, officially called Rowneybury House, also comes with a second smaller property in the 17 acre grounds. It was bought by Beckham and his wife Victoria in 1999 shortly after their marriage but they are now reported to have moved to London following the sale.

Speaking from America, Utley today confirmed to Insurance Times the purchase of the property.

The purchase comes after Utley is reported to have received £135m when 50% of Hastings Insurance, which he was majority shareholder of, was sold to Goldman Sachs for £350m in January 2014.

He also pocketed £13m in 2006 following the sale of Equity Insurance Group for a £140m profit just 18 months after privatising the business.