David and Victoria Beckham are planning to sell their British mansion.

The couple bought the $28.7 million estate - dubbed Beckingham Palace - in Hertfordshire shortly after tying the knot in 1999. Having relocated to Los Angeles in 2007 so David could play football for LA Galaxy, the Beckhams - who are worth more than $255 million - reportedly want to sell off their properties in England and France and focus on life in America.

"David and Victoria have been wanting to sell up for a couple of years now but the timing was never right. They didn't want to lose money, putting their homes up for sale during a slump in the property market. So, after getting it valued two years ago, decided to hold off until now," a source said.

They are believed to have lavished $28.7 million on the 22-acre home - which they bought for $4 million - so that it now features a petting zoo, indoor and outdoor pools, studio, gym and tennis courts.

"Unfortunately, they have still lost quite a lot of money on their UK home due to all the renovations they carried out. They don't need the money, as such, but no longer use either place and realize in this current climate it's crazy to effectively throw cash away. The Beckhams have made LA their home, and the kids are settled there," the insider added.

Their $4 million seven-bedroom house in France, which they bought in 2003, is also expected to go.

In the meantime, Victoria is said to have started searching for a small London base: "Victoria already has a studio there. She has already looked at a couple of apartments near Hyde Park and may decide to buy later this year."