Rod Stewart is set to quit the U.K. and sell his $12 million mansion, it has been claimed.

The 63-year-old rocker has decided Los Angeles will be a better place to bring up his two-year-old son Alastair with wife Penny Lancaster.

Rod, who has an estimated $200 million fortune, already has a 20-bedroom home in Los Angeles and doesn't want to waste money by keeping his mansion in Epping, Essex.

A source said: "The house in Essex is very large with a full team of staff and costs hundreds of thousands of pounds to maintain. That kind of spending is difficult to justify if the family are hardly ever there."

"Rod and Penny also want to make Los Angeles their base."

Rod - who has seven children - bought the Essex mansion, which is set in 165 acres of countryside, more than 20 years ago. The property boasts its own soccer pitch, tennis court and swimming pool.

RELATED PHOTOS AND ARTICLES
Penny Lancaster - The Duke of Essex Polo Trophy Listings - PartyRod Stewart - Rod Stewart in Concert at Tweeter Center - August 20, 2004Rod Stewart - Princess Diana Memorial ConcertRod Stewart - Rod Stewart in Concert at Tweeter Center - August 20, 2004
Rod Stewart Continues To Extends His FamilyRod Stewart and Penny Lancaster Departing Nobu Berkeley Restaurant in London
"Desperately Seeking Susan" VIP Press Night - ArrivalsSommerset House Ice Rink VIP Opening - Arrivals
Rod Stewart Mad After Hotel Guest's Loud Music Kept Him AwakeRonnie Wood's Wife Puts The Rolling Stones On Organic Diet
BE THE FIRST TO COMMENT ON THIS STORY!
Name: (optional)
E-Mail: (required, but never displayed)
Remember your info for next time?
Profanity and other defamatory language is not allowed. Please keep it clean.