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Wednesday 7 December 2016

Ex-Anglo boss's €4m home sold

Bank chief's US bolt-hole bought by trust as part of bankruptcy

Emmet Oliver

Published 18/10/2011 | 05:00

David Drumm's house in Cape Cod, Massachusetts
David Drumm's house in Cape Cod, Massachusetts

CHANDELIERS, a basement bar, a full sound system by the pool and bicycles for all the family are among the items adorning disgraced banker David Drumm's luxurious house in the US which is to be sold for $4m (€3m).

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The house at 262 Stage Neck Road, Chatham, in Cape Cod, Massachusetts, is to be sold to a trust based in the Boston area after an official overseeing ex-Anglo Irish Bank chief executive Mr Drumm's bankruptcy got clearance from a Boston court to sell the property.

The precise identity of the buyers was not clear last night. The trust buying the home is known as Three Sisters Trust.

The Irish Independent has seen a full inventory of items and furnishings that come with the house. Some of these will be sold too, although Mr Drumm's wife Lorraine will get some of the proceeds of the sale.

The house was bought in 2008 for about $4.6m and has been on the market with a number of real estate agents in the Massachusetts area for some time. An inventory dated July 9 outlines in extensive detail the scale of the house and its generous furnishings and amenities.

The master bedroom of the house comes with two rocking chairs on a porch area.

In the dining room area is a large wooden boat, while the pool area comes with outdoor speakers, audio and video equipment, outdoor chairs and a refrigerator.

The home comes with a basement, including a pool table, wooden cues and a leather sofa. This area is furnished with a bar, full bar equipment and a wine refrigerator.

The hallways comes with a "hanging chandelier light'' and the inventory stipulates that the house has adult bikes and children's bikes available.

Transferred

In September, Mr Drumm, who has a visa to live in the US, was hit with a fresh complaint from Anglo Irish Bank which said he set up a "sham" business in the US and transferred money to his wife when he knew Anglo Irish was in trouble.

Anglo claimed Mr Drumm's million-dollar transfer of cash to his wife reached "fever pitch" on the eve of his resignation.

Court documents filed in the US by Anglo also claimed that Mr Drumm knew about former chairman Sean FitzPatrick "warehousing" loans with Irish Nationwide.

But it is claimed that Mr Drumm failed to notify non-executive directors of the bank. Mr Drumm also approved loans for children of Mr FitzPatrick, it has been claimed.

Mr Drumm's business in the US had money in several business accounts and this money was used by him as a "personal piggy bank'', Anglo Irish has also claimed. It claims that the funds were used to rent property, buy two new Land Rovers, hire a decorator and pay fees for an immigration counsel.

Anglo made the new allegations as it asked a court in the US to deny Mr Drumm a discharge under bankruptcy laws there.

Irish Independent

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