PHOTS: The Beckhams' £40 million new London home

After selling off Beckingham Palace, David and Victoria's former 12-acre home, the couple's next London pad was going to have to be GOOD.

Well, it looks like they've gone and found their new dream residence - a four-storey, seven bedroom west London mansion, worth £40 million, that has been described as a "project" that still needs work.

The Beckhams have reportedly bought the property to move into at the end of next year - but not after £5 million worth of work is done to bring the pad up to scratch for David, Victoria and their children.

With five bathrooms and two rooms just for Victoria's shoe collection (decidedly smaller since she cleared out her wardrobe in aid of the Philippines last week), the couple's dream home is tipped to have a garage for David's cars and motorbikes, a tunnel for staff to travel to and from a second property, a second floor for Brooklyn, Romeo, Cruz and Harper, and a "vast" wardrobe space for Victoria.

A friend of the Beckhams told The Sun that the plans are "mind-blowing" and that "The new place is a project - and a place for the kids, particularly Harper. It will be her memories of a childhood home when she is older".

The move will suit Victoria, who will be closer to her successful fashion business in Battersea - and, according to The Mirror, their new place "is in a perfect, quiet location with discreet, well-to-do neighbours".

Imagine the housewarming for that bad boy…