Far out Friday: Insurance tycoon buys ‘Beckingham Palace’

by IBO 21 Mar 2014

Far out Friday: Insurance tycoon buys ‘Beckingham Palace’

The former chairman of UK insurance company Hastings, Neil Utley, has bought the mansion of ex Manchester United and England footballer David Beckham for $21m.

Utley and his wife Narmali are said to be thrilled with the 17-acre estate, dubbed ‘Beckingham Palace’.

The property boasts seven bedrooms, an indoor swimming pool, recording studio, snooker room, and gym. The estate itself has another property on it, as well as a Woodland chapel and fake ancient ruins.

Utley was a majority shareholder in Hastings Insurance and is said to have pocketed roughly $246m when 50% of Hastings Insurance was sold to Goldman Sachs in November last year.

After privatising Equity Insurance Group with his partners, he received $23m when he helped sell it for $256m.
Victoria and David Beckham bought the property in 1999 shortly after they married. The pair are now said to be moving to London after living in America for a number of years.

Photo source: The Mirror