Posh, Becks stand to lose 2m pounds on Madrid mansion
12 Oct 2008, 1715 Hrs

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London, Oct 12 English pop singer Victoria and her football hubby David Beckham have been hit by the global credit crunch, and they are unable to sell off their Madrid mansion.

The couple's five-bedroom villa, which Victoria, 34, dubbed as the Casa Beckham, has been up for sale for 17 months, and there has not been a buyer interested in buying the 5million pounds mansion.

Both have been told that if they wish to sell the house, in the millionaires' suburb of La Moraleja, which they had bought for 4.5million pounds in May 2005, they would have to lower the price.

The Becks had spent an extra 500,000 pounds refurbishing it, but now with the market being down, they are selling it off at 3million pounds, setting them 2million pounds short.

"The house is incredible but the market is in a terrible state right now and the Beckhams have had no offers. A few people have viewed it but prices are plummeting," the Daily Star quoted a source at the estate agent selling the property as saying.

"They're going to have to take a lot less than the original price to have a realistic chance of selling the house.

"It's a magnificent place with lots of charm, beautifully and tastefully decorated.

"But even the super-rich have been hit hard by the credit crunch," the source added. (ANI)