Boston Judge Rules Drumm's Dublin Home Can Be Sold To Pay Anglo

A Boston court has ruled that David Drumm's former home in Malahide, Dublin can be sold to help pay off some of the debts he owes to Anglo Irish Bank, now known as the Irish Bank Resolution Corporation (IBRC).

The former chief executive of Anglo now lives in Massachusetts where he has filed for bankruptcy.

The trustee supervising his case has already sold one of his homes in Cape Cod for $4m and has applied to also dispose of his Boston home, where Drumm and his family currently live.

The house in Dublin at the center of the latest ruling is at Abington in the salubrious north Dublin town of Malahide.

Drumm bought it in 2003 but as the financial crisis struck in 2009 and Anglo was nationalized by the Irish government, the ownership of the house was transferred to his wife Lorraine Drumm.

Anglo claimed this was fraudulent and took a legal case against the couple.

The transfer of ownership was then reversed.

Now the bankruptcy court has agreed with all parties that Mrs Drumm will sell the Mahalide mansion, which was once valued at €2m but is now likely worth considerably less.

The proceeds will go towards servicing Mr Drumm's massive debts with the IBRC although some may go to Mrs Drumm.

Boston Bankruptcy Attorney Joseph Foley says it is all part of the strategy being taken by the bankruptcy trustee and Anglo Irish Bank against David Drumm whom they accuse of fraud.

A furniture expert is being sent this week to the couple's residence in Boston to evaluate how much the art, antiques and furnishings there are worth.

Mr Drumm has started a business in the US.

His children go to schools here, and he is trying to rebuild a life for himself and his family despite being the subject of several legal investigations in Ireland.

Mr Drumm refuses to return to Ireland to co-operate with the Gardai.

Last week, he gave a rare interview in which he claimed he was the victim of a witch hunt in Ireland, and also alleged that the regulator and government were aware of controversial transactions made by Anlgo in 2008.

He said the way he was being depicted "by that country, by the country's media, or participants is completely and utterly unfair."

He asked why he should return to a country where "politicians, senior ministers and even High Court judges have more or less stated that 'we are going to get him'".