As they strive to establish themselves as the king and queen of Miami, David and Victoria Beckham are flinging their money around like it's nobody's business. At the same time, they are building up an A-list powerbase in Miami that is unparalleled, a new report claimed.

“They’ve been in Miami for a number of years, but never really focused on making it a home. David’s team is really taking off now, it’s gone to the next level and he feels like they need to go to the next level in Miami, too, as far as their status within the city goes," an unnamed source told Life & Style Magazine.

In 2014, the former professional footballer, who was 49 years old at the time, exercised a contract option that he had acquired after signing with the Major League Soccer side LA Galaxy, which is situated in the United States, in January of 2007. This allowed him to purchase the Inter Miami squad for $25 million.

He has played a significant role in getting the club up and running in recent years. The team was formally approved in 2018 and will play their first game in 2020.

Once David became an owner, he began to feel a sense of obligation toward his players and his city. According to the source, this is why they have decided to spend a great deal of time there. The relocation to Miami entails establishing a lifelong residence and making a statement by spending eighty million dollars on this new residence.

It has been stated that the Beckhams are negotiating to spend a fortune on a vast water-front property to maintain their proximity to Inter Miami Park, CEO Today Magazine reported. They expect the magnificent apartment to endear them to the town's elite residents, who include a variety of A-list personalities such as Jennifer Lopez, Dwayne Johnson, Shakira, and LeBron James.

However, the enormous price tag does not merely justify staying around The Magic City. David and his wife, Victoria, who is fifty years old, are excited about living in The Magic City.

The insider noted that a monarchy surrounds the United Kingdom and is very much on that ultra-elite level. However, the United States has kind of had to work towards that level since there are just so many really wealthy and extremely famous individuals concentrated between the three major cities.

The tipster specifically refers to London, Los Angeles, and Miami as the three major locations in question. When the power couple from the United Kingdom relocated to Los Angeles, they had the misconception that they would be the large fish in a tiny pond. However, they immediately realized that this was not the case.

There were many additional influential people. Although they eventually returned to London feeling a little embarrassed, they were prepared to give it another shot.

The pair has an incredible net worth of more than $500 million, as per The National News. They hope to transform their possible investments with their new friend, Tom Brady, which might include fashion lines, sports equipment, and alcohol brands, into an even more stunning fortune likely to attract attention even in a celebrity hotspot like Miami.

The Beckhams believe that Miami is a city where they can become the big fish. However, to do so, they will need to show off their wealth and status. It's a town about the show, and money rules the day.

Business Times has reached out to David and Victoria Beckham for comments.