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Monday 27 March 2017

Disgraced Drumm forced to put €4m Cape Cod hideout on market

An outside view of the beachfront hideaway in Chatham, Massachusetts
An outside view of the beachfront hideaway in Chatham, Massachusetts
Former Anglo Irish chief David Drumm and his wife, Lorraine, in Cape Cod
The kitchen inside their multi-million dollar mansion
A spacious TV room
A well-lit reception room

Shane Phelan Investigative Correspondent

FOR sale: a €4m beachfront mansion, one much-maligned owner.

A US real estate agency has begun advertising the Cape Cod hideaway of former Anglo Irish Bank chief executive David Drumm.

The property formally went on the market on Wednesday following an order from a bankruptcy judge in Boston.

It is being sold to help pay some of Mr Drumm's creditors, who are owed more than €10m.

Details and photographs provided by the sellers, Pine Acres Realty, give a startling insight into the opulent lifestyle once enjoyed by the banker in the upmarket town of Chatham, Massachusetts.

Mr Drumm fled Ireland for the exclusive enclave two years ago, shortly before Anglo's collapse and nationalisation.

Interest

Pine Acres has spared no effort in marketing the 54,450sq ft property on Stage Neck Road on the outskirts of the town.

People registering an interest in the property are being provided with web access to a brochure, which includes never-before-seen photographs of a private beach, swimming pool and the spectacular views prospective owners will enjoy.

Inside, the five-bedroom mansion has a living area of 4,622sq ft, with high ceilings, a sun room and a lounge with a 60-inch flatscreen television.

A breathless description provided in the sales brochure states that the home is "set amid a landscape of natural beauty with Oyster River frontage and vistas of Nantucket Sound".

It goes on to describe "nautically inspired design features", "deep hued custom woodwork" and "spectacular cherry floors".

"Soaring ceilings and windows bring the outdoors in and are complemented with multiple outdoor living spaces, including a gunite pool and welcoming pool house," the promotional literature gushes.

"The kitchen flows seamlessly into the dining room and family room.

"There is a private pool-side master suite and three additional bedrooms on the second level.

"Among the most intriguing spaces is the third-level studio with dramatic views and a stylish take on classic maritime design."

Naturally all of this doesn't come cheap, and the asking price is a hefty $5.5m, or just over €4m.

Cost

Despite the US property crash, the real estate agency is asking for more than the $4.6m (€3.4m) Mr Drumm and his wife Lorraine bought it for in 2008.

Buyers should also be aware of the high cost of running the home. Mr Drumm revealed in court papers that even though he doesn't live there anymore, the average monthly cost of maintaining the property comes to just over $10,500 (€8,000).

Pine Acres has been hired to market the home up until April 30 next, by which stage it is hoped a buyer can be found.

If it does not sell between now and then, the sale price is likely to be reassessed.

Less than half the proceeds from the sale will go to paying Mr Drumm's debts as his wife has a half share in the property, and a further $500,000 (€365,000) is exempt from creditors under US law.

The property is the first major asset that Mr Drumm has been forced to sell off following his bankruptcy application last October.

Mr Drumm also owns a €2m home in Malahide, Dublin, and a $2m (€1.4m) house in Wellesley, an affluent town on the outskirts of Boston. It is unclear whether the Wellesley home can be sold as it was purchased through a trust.

Irish Independent

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