Beckhams slash £2m off Madrid mansion to try and sell it

David and Victoria Beckham have fallen foul of the credit crunch and can't sell their mansion in Madrid. The Beckhams have been trying to sell their luxury villa for 17 months but have yet to find a buyer.

The Beckhams' five bedroom villa in Madrid was put on the market last year when they left Spain for the US , according to the Daily Star.

Posh and Becks were asking £5m for their property, dubbed 'Casa Beckham', but there have been no offers. As a result they have dropped the asking price to £3m.

"The house is incredible, but the market is in such a terrible state right now and the Beckhams have had no offers....They're going to have to take a lot less than the original price to have a realistic chance of selling the house," a source told the paper.

The Madrid mansion is set in two acres and has an outdoor heated swimming pool, tennis courts, a small football pitch and a play area. The property is located in the suburb of La Moraleja.

The Beckhams paid £4.5m for the villa in May 2005 and spent £500,000 refurbishing it. The home was put up for sale when David signed a £125m contract with football team LA Galaxy .

"It's a lovely place with lots of charm, beautifully and tastefully decorated," the source continued.

"But even the super rich have been hit hard by the credit crunch ."

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