Saturday 1 October 2016

Drumms cut €67,000 from asking price of luxury Boston home

Published 08/06/2016 | 02:30

The house in Wellesley, Massachusetts, owned by David Drumm and his wife Lorraine
The house in Wellesley, Massachusetts, owned by David Drumm and his wife Lorraine

Former Anglo Irish Bank boss David Drumm and his wife Lorraine have slashed the price of their US home in a bid to offload the property.

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The asking price for the sumptuous, four-bedroom residence on the outskirts of Boston has been cut by $76,000 (€67,000) since it was placed on the market two months ago.

The house was put up for sale after Mr Drumm returned to Ireland in March to face conspiracy to defraud and forgery charges.

The sum now being sought for the 4,089 square foot home is just under $1.85m (€1.63m). If the Drumms manage to sell at that price, they will be accepting at least $150,000 (€132,000) less than they paid when they bought the property in Wellesley, Massachusetts in November 2009.

The house in Wellesley, Massachusetts, owned by David Drumm and his wife Lorraine
The house in Wellesley, Massachusetts, owned by David Drumm and his wife Lorraine

The colonial-style, wood and brick house was put on the market in April, just weeks after Mr Drumm returned to Ireland to face charges over alleged offences dating from his time at Anglo's helm in 2008.

He is due to face two trials, the first of which is scheduled to begin in April next year and the second in January 2018. The first trial will deal with conspiracy to defraud and false accounting allegations. The second mainly relates to the so-called Maple 10 share-support scheme.

At a bail hearing in March, Mr Drumm's solicitor Michael Staines said Lorraine Drumm was putting the house on the market and was planning to come back to Ireland at the end of June when the couple's youngest daughter is finished school.

It is believed to be the only property the couple still own, with others having been sold as part of Mr Drumm's US bankruptcy proceedings.

Selling agents Coldwell Banker Residential Brokerage have described the 1938-constructed house as having a private office with travertine fireplace, a spacious living-room with marble fireplace and built-in bookcases, and a family room with a sunken brick fireplace.

They also described spacious bedrooms, including a master suite with a gas fireplace and walk-in closets.

The house in Wellesley, Massachusetts, owned by David Drumm and his wife Lorraine
The house in Wellesley, Massachusetts, owned by David Drumm and his wife Lorraine

Two other homes were disposed of as part of Mr Drumm's US bankruptcy. These were a €2m mansion in the exclusive Abington development in Malahide, Co Dublin and a waterside home once valued at €4.1m in Cape Cod, Massachusetts.

Mr Drumm is currently appealing a decision by a Boston judge to deny him bankruptcy protection.

He is representing himself in the proceedings. Anglo's successor, the Irish Bank Resolution Corporation, is Mr Drumm's main creditor and is opposing the appeal.

The former chief executive has debts of over €8.5m.

Irish Independent

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