David and Victoria Beckhams' Beckingham Palace sold to insurance tycoon for £11.5m

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Multi-millionaire Neil Utley, 52, is the mystery buyer
Last year Mr Utley admitted 'detrimental conduct' at tribunal
He was banned from working in the Lloyds market for two years
Posh and Becks pooled cash to buy £45m mansion in London

PUBLISHED: 05:39 EST, 16 March 2014 | UPDATED: 08:49 EST, 16 March 2014

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A disgraced tycoon is the mystery buyer who snapped up Beckingham Palace for £11.5 million, it emerged today.

Multi-millionaire insurance mogul Neil Utley, 52, moved into David and Victoria's sprawling Hertfordshire home last month.

Mr Utley, the chairman of Hastings Direct, also picked up an Aston Martin and two Jaguars as part of the deal.

Sold! The Beckhams reportedly sold Beckingham Palace, pictured, for £11.5million - a tidy £9million profit

Posh and Becks are believed to have pooled the cash from the property as well as from the sale of a number of their luxury cars, to buy a £45 million mansion in central London.

Last year Mr Utley was forced to pay £130,000 in tribunal costs and banned from working in the Lloyds market for two years after admitting 'detrimental' conduct during his time at Equity Red Star.

It stemmed from his alleged failure to take reasonable steps to ensure that there were sufficient financial systems and controls over personal injury claims.

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Mr Utley stepped down as chief executive of IAG UK, Equity’s parent company, by 'mutual consent' in July 2010.

The Beckhams bought the 12-acre estate in 1999 just three months after their wedding.

Their children Brooklyn, 14, Romeo, 11, and Cruz, eight, called it home for a few years before their move to Spain then Los Angeles because of their father's footballing career.

The property comes with a second house nicknamed mini-Beckingham Palace, The Sunday People reported.

Twelve acres of memories: The estate shortly after the Beckhams moved in 15 years ago. Brooklyn, Romeo and Cruz all grew up in the Hertfordshire estate before David's career took them abroad

Insurance tycoon Neil Utley (right) is the mystery buyer who has snapped up Beckingham Palace for £11.5m. He is pictured in 2004 with executive chairman of Cox Insurance Holdings Peter Owen

New beginning: The couple moved their family to west London, near to where their children go to school

It also has a woodland chapel, fake ancient ruins forming a playground, gardens including a Capability Brown-style maze, barbecue area and professionally tended football pitch.

The house, a former children's home, boasts a recording studio, an indoor swimming pool, a snooker room and a gym.

The family of six stayed in the country mansion after returning from Los Angeles, after David's football contract with LA Galaxy came to an end.

Best of both: The family will reportedly holiday in LA during the breaks from their kids school so they can enjoy the Californian sun

Miss the place? David is said to have been sad to sell their first family home

Now the retired footballer has more time on his hands to focus on his kids, as well as outside ventures including his new restaurant with pal Gordon Ramsay, Union Cafe in Borough.

The new mansion David and Victoria have reportedly bought is a four-storey west London property in upmarket Kensington, which they hope Ramsay will design a five-star kitchen for.

They have also reportedly enlisted the help of friend and interior designer Kelly Hoppen.

Mr Utley was not available to comment.