David and Victoria Beckham [Photo/Agencies]

David and Victoria Beckham have spent £40 million ($65 million) on their new home, and will spend a further £5 million ($8 million) on renovations.

The couple reportedly have huge plans for their mansion, which includes two rooms for the former Spice Girl's shoes and every bathroom will have a waterproof plasma TV.

Speaking to The Sun on Sunday newspaper, a source said: "They have been working to a new schedule since David retired from football.

"The new place is a project - and a place for the kids, particularly Harper.

"It will be hear memories of a childhood home when she is older. And what a childhood she is going to have."

The stars - who also have sons Brooklyn, 14, Romeo, 11, and eight-year-old Cruz - want to convert the west London town house to meet their every need, which also reportedly includes a room dedicated to "hairdressing manicures and make up".

While, the second floor is said to be for the children - with each bedroom coming with its own en-suite bathroom - guests on the floor above will ever have their own bar.

Parking is situated under the home, with the lower ground floor said to include a study, a gym and massage room, three service rooms and a garden.