Amidst all the UK real estate doom and gloom it seems that Victoria and David Beckham are set to move to the Cotswolds with a £5 million country barn purchase. While David Beckham will always be something of a joke to many people, who poke fun at his accent, he is a savvy investor who has made himself and his family a multi-million pound fortune. So, if David Beckham is spending £5 million on a Chipping Norton mansion should others be following suit?
What does £5 million get you in the heart of the Cotswolds?
Well, if the rumours are correct the nine bedroom mansion, which consists of three separate barns joined together, is something of a palace. The property is set in acres of land in the heart of the Cotswold countryside just a stones throw from the Chipping Norton jet set. This is an area of the UK which allows you to get away from the hustle and bustle of life in the city and enjoy a more rural existence.
While the £5 million purchase price is a significant investment in itself there is no doubt that the Beckham’s will have other plans for the property. Indeed this was a rundown building which cost £2 million to refurbish, linking the original barns via two blue glass extensions. We await confirmation that the Beckham’s have indeed acquired this property but it does sound beautiful.
Are the Beckham’s back home for good?
Those who follow the life and times of the Beckham family will be aware that in the late 1990s the two superstars acquired Rowneybury House in Sawbridgeworth, Hertfordshire. After significant renovations and redesigns the property was dubbed “Beckingham Palace” although it was reluctantly sold back in 2012 when David Beckham decided to move into the US football arena.
Home for the Beckham’s in the US was a £24 million mansion in California and on return to the UK in 2014, following his retirement from football, they acquired a £31.5 million West London home. Even though a £5 million investment in the Cotswolds looks relatively insignificant compared to the couple’s previous property transactions, it is still a good vote of confidence.
Luxury properties still in demand
While there is no doubt that the cost of so-called luxury properties in the UK has been impacted in light of the Brexit vote, as we touched on in our earlier article, there does seem to be underlying demand. It will be interesting to see whether any other superstars follow the trail of the Beckham’s back to the UK and places such as Chipping Norton.
It would be foolish to suggest that multimillionaires, and indeed billionaires, have a “buy at any price policy” towards property. Let’s not forget these are individuals and families who have amassed significant wealth over the years from savvy investment and high-profile careers. These are not individuals who would let their hearts rule their heads and overpay for a property anywhere around the world. So, as we await confirmation that initial interest in this property has been converted into a sale to the Beckham’s, which other superstars will be sending their real estate investment funds to the UK?