Ex-bank chief can't sell €2.3m mansion
Published 02/04/2010 | 05:00
FORMER Anglo Irish Bank chief executive David Drumm has rented his luxury Dublin home after it failed to sell for a knockdown €2.3m price.
Local sources said that the 5,400sq ft mock Georgian house in Malahide, Co Dublin, is being lived in again.
Mr Drumm, who owes Anglo Irish Bank €8.3m in loans, asked local estate agents O'Farrell Cleere to sell the house when he moved to Cape Cod in the US.
The house was named after Sudbury, a town in Massachusetts where Mr Drumm had previously lived. The letting agents described it as "without doubt one of the most impressive to come on to the rental market in recent times".
The exclusive six-bedroom, five-bathroom property is close to homes owned by Boyzone's Ronan Keating and Westlife's Nicky Byrne.
But even after Mr Drumm reduced the selling price from €2.79m to €2.3m, the house failed to sell and he withdrew it from the market last October and offered to let it out.
Local auctioneers were asking for a monthly rent of €6,000 for the detached property but it is understood the current tenants negotiated a lower amount.
Sudbury, which sits behind electronic gates, is built on a third of an acre and "no expense was spared" on the living space that includes under-floor heating and "a bespoke hand-crafted French country-style kitchen". Mr Drumm resigned as chief executive of Anglo in December 2008 after it emerged the bank had concealed loans to directors. Anglo began a legal action in November to recover the loans from Mr Drumm -- and to reverse the legal ownership of the house that had been transferred to his wife Lorraine's name last May.
Mr Drumm has used the house as security for the loans from Anglo and the transfer of ownership prevented the bank from repossessing it. He moved back to Massachusetts with his family, where he hopes to set up a financial advisory company.
The Irish Independent revealed yesterday that Mr Drumm has erected signs around the US mansion warning trespassers to keep out.
The garda fraud squad want to interview Mr Drumm about about the highly unusual transfer of €7.5bn from Irish Life and Permanent that appeared on Anglo's balance sheet on the last day of its financial year in 2008. Mr Drumm's legal representatives are believed to have held informal conversations with detectives investigating the dramatic collapse of Anglo.
Former chairman Sean FitzPatrick was arrested and questioned two weeks ago and last week Anglo's financial director was also arrested and questioned by the gardai. Both men were released without charge.
Mr Drumm will only face extradition proceedings if he is charged.