Business Irish

Tuesday 2 September 2014

US home of disgraced David Drumm could be sold for €3m

Independent.ie reporters

Published 13/09/2011 | 17:36

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The US home of disgraced former Anglo Irish Bank boss David Drumm could be sold for $4m (€3m).

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The bankruptcy official in charge of Drumm’s estate has proposed the sale of the luxury home at one of the most exclusive addresses in Cape Cod, Massachusetts.



Kathleen Dwyer, the official, has agreed a price of just over $4m including furniture and fittings.



The court will meet next month to decide if Drumm will get any of the proceeds.



As he is claiming the house is his primary hime he could be entitled to $500,000 from the sale.



Anglo is arguing that he should not get any of the funds and his wife would be entitled to half of the proceeds if the house is sold.



Drumm was chief executive of the now nationalised Anglo until his resignation in 2008 amid the scandals about the bank’s lending and accounting practices.



He has refused to return to Ireland to answer questions about his actions at Anglo ahead of the need for its nationalisation.



His decision for file for bankruptcy in October of last year has stalled legal action against him in Ireland.



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