David and Victoria Beckham have sold Beckingham Palace and a fleet of cars as they look to buy a new £45 million mansion.

The superstar couple raised their sons Brooklyn, 14, Romeo, 11, and Cruz, eight, at the home, and it is said the retired soccer legend is ''desperately sad'' to move on.

An insider told The Sun on Sunday newspaper: ''David in particular was desperately sad to sell the family home as there are so many memories.

''They have had years of happiness in the home, but practically now there is no need to keep it. It's the beginning of a new era for the family.''

The home and several cars have been sold for £12 million as the couple look to raise their family - including two-year-old daughter Harper - in London and take them to Los Angeles for the school holidays

The source said: ''The Beckhams love both England and LA. They want the Californian sunshine for the kids but the education system of the UK - so they're getting the best of both worlds.

''It's an exciting time for the Beckhams as they enter a new chapter of family life.''