London, Oct 6 (IANS) Former soccer player David Beckham and his wife Victoria have reportedly sold Beckingham Palace and a fleet of cars for 12 million pounds to raise funds to buy a 45 million pounds mansion.

They raised their sons Brooklyn, 14, Romeo, 11, and Cruz, eight, in the house, and it is said that the retired soccer legend is desperately sad to sell the house, reports contactmusic.com.

"David in particular was desperately sad to sell the family home as there are so many memories," The Sun newspaper quoted a source as saying.

"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," added the source.

The home and several cars have been sold as the couple look to raise their family, including their two-year-old daughter Harper, here and take them to Los Angeles for the school holidays.

"The Beckhams love both England and LA. They want the Californian sunshine for the kids, but the education system of 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," the source said.