David and Victoria Beckham
04/27/2007 AT 11:10 AM EDT
Victoria and David Beckham have finally found the house they will live in when they move to Los Angeles
in the summer, PEOPLE has learned.
The multi-million-dollar mansion is "modern, airy, very light and spacious with lots of windows," a source close to the couple tells PEOPLE, adding: "It still needs a bit of work inside."
The sale is close to being finalized, says the source: "Victoria will land in L.A. on Saturday to sign the contract. She will meet with interior designers, discuss fixtures and all aspects of the house plan before flying out shortly afterwards."
A family friend confirms the deal. "It is done. They've found the perfect property for themselves in Beverly Hills," says the friend.
"The house they've chosen is big but not huge," says the source. "That said, it is big enough for them as a family of five, along with additional space for family members that will visit from Britain. They needed a fair amount of extra room for visitors as [guests] will stay a while longer than [they did during] visits to them in Spain."
Victoria, 33, has made numerous trips to California since it was announced on Jan. 11 that David, who turns 32 on Wednesday, had signed on to play for the L.A. Galaxy soccer team.
The Beckhams – parents to sons Brooklyn, 8, Romeo, 4, and Cruz, 2 – had struggled to find a home
in Los Angeles as sellers raised prices when they learned the famous couple were interested.
Now that they've found the right place, as well as a school for their sons, "It's a massive relief for them. They looked at so many houses," says the family friend. "They have been able to finally sort out the house and school. Now they can rest easy for when they arrive. They will crack open a bottle of Champagne."
David, whose deal with the Galaxy is expected to be worth up to $250 million including endorsements, currently plays for the Real Madrid team in Spain. He and Victoria are expected to sell their Spanish home but keep their sprawling mansion – dubbed Beckingham Palace – north of London.
"There's no way they will sell that place," says a family friend. "They are part of the community there and it will be their base when they go back to Britain for Christmas and things like that."
The family is expected to move in mid-July, around the same time that Victoria's six-part reality series
appears on NBC.