$1.6 Million Being Spent To Renovate William And Kate's New Baby-Ready Home

Nov. 6 2011, Published 6:03 a.m. ET

Prince William and Kate Middleton have finally settled on their new home. $1.6 million is being spent renovating and updating what had been the home of Princess Margaret. And the good news -- the massive house already has a nursery!

Rumors have been rampant for days that Kate is expecting.Whether she is or the pregnancy is just wishful thinking on the part of her adoring subjects, the Duke and Duchess of Cambridge's new home will easily accommodate a growing family.

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The four story, 20 room home is part of famed Kensington Palace. It has a huge living room, numerous bedrooms, staff quarters, a walled-in garden and the all-important nursery.

It was home to Queen Elizabeth's younger sister Princess Margaret and her husband Antony Armstrong-Jones and has sat empty since Margaret's death in 2002.

But if walls could talk, these would have amazing stories to tell. Everyone from The Beatles to The Rolling Stones to Peter Sellers was entertained there.