Saturday 3 December 2016

US court: Drumm home can be sold to pay Anglo

Emmet Oliver Deputy Business Editor

Published 03/12/2011 | 05:00

No 20 Abington, Malahide, Dublin, the former home of
David Drumm which will now be sold. COLIN KEEGAN
No 20 Abington, Malahide, Dublin, the former home of David Drumm which will now be sold. COLIN KEEGAN
David Drumm

A Boston court has ruled that David Drumm's home in Malahide, Dublin, can be sold to help pay some of his debts to the Irish Bank Resolution Corporation, formerly Anglo Irish Bank

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A judge in Boston yesterday agreed the property could be sold.

Mr Drumm bought the house in Abington in Malahide in 2003 but as the financial crisis came to a head in 2009 and Anglo Irish Bank was nationalised, he transferred the property into the sole name of his wife Lorraine Drumm.

However, Anglo Irish Bank said this was fraudulent and brought a case against the couple. The transfer was then reversed.

Now the bankruptcy trustee in Boston who supervises the case has agreed with all parties that she will sell the house.

It is not clear how much she will get for it now, but it was valued in the past at more than €2m.

The proceeds will be used to pay off some of Mr Drumm's debts. But it is unknown if his wife will also receive some money from the proceeds of the sale.

The bankruptcy trustee who supervises the case has already sold one of his homes in Cape Cod for $4m (€3m) and has also applied to sell the Drumm family home in Boston, where the Drumms now live.

A furnishing expert was sent into the house this week to determine how much the art, antiques and furnishings are worth.

Mr Drumm has been embroiled in a long-running series of legal cases in the US and so far has refused to move back to Ireland.

Mr Drumm gave an interview last weekend in which he said he was the victim of a witch hunt in Ireland. He also voiced the view that regulators and the Government knew of many of the controversial transactions Anglo Irish Bank engaged in during 2008.

Mr Drumm has started a business in the US and placed his children in schools there. He has a long-standing connection with the US having worked there previously for Anglo.

Irish Independent

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