Anglo Irish boss pays $13,000 running luxury homes

David Drumm’s second and third houses cost $13,000 to run

CATHY HAYES,

IrishCentral.com Staff Writer

Published Friday, December 24, 2010, 5:33 AM

Updated Friday, December 24, 2010, 5:49 AM

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Former Anglo Irish Bank chief executive David Drumm

The U.S. courts have revealed that former Anglo Irish Bank chief executive spends $13,000 running his homes in Cape Cod, Massachusetts and Malahide, County Dublin.

The court revealed that the running costs for the two properties will come to $62,948 for the period between November 2010 and March 2011. Drumm and his family are not living in either home and are currently living in a third house, worth $2 million, in Wellesley, close to Boston.

Drumm is now working as a financial adviser in the U.S. He filed for bankruptcy in October owing $11.1 million to his former employer and $2.4 million to other creditors.

In December 2008 he fled Ireland after resigning from Anglo Irish Bank over a loans-to-directors scandal. The police in Ireland still wish to question him about the major irregularities in the bank. However, Drumm has refused to return home.

The records filed as part of the bankruptcy process show that the $13,000 spent on maintaining his two mansions goes toward maintenance, sprinkler systems, snow removal, alarm monitoring, telephone, gas and electricity. Mortgage payments, real estate taxes and home insurance premiums are listed.

The cost of running his waterfront property in Chatham, Cape Cod is more than $10,500 while his mansion in Malahide’s, Abington Estate (known as ‘Millionare’s Row) is around $1,967.