Will 'Posh n Becks' pad add to the property investment discounts?

photo credit: just beachy

Plenty of people will end up making a loss when they sell properties over the next 12 months, particularly those in western countries who are forced into a move through work or other commitments.

Eye-watering as it may be to drop a few grand when you sell on a property investment project, spare a thought for the few who will see millions disappear due to the credit crunch.

Those making big losses could at least be in illustrious company. The Daily Star reports David Beckham and wife Victoria (aka ‘Posh and Becks’) could end up making a loss on their Madrid mansion to the tune of £2 million or more. Ouch.

Palacial pad – ‘only’ £3m

The couple bought the home after David moved from Manchester United to Spanish club Real Madrid, reportedly paying £4.5 million in 1995 and then spending half a million on improvements. But the Beckhams are now struggling to sell the home after David moved to LA Galaxy in America and could end up letting the palatial Madrid pad go for £3 million – a veritable bargain.

‘No offers so far’

Quoted by the Star, a source from the agents trying to sell the home said:

“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 time the house has spent on the market? 17 months. Even the rich and famous apparently have to play the waiting game when it comes to shifting that unwanted home.
[tags]real estate,real estate investing,property,property investment[/tags]