David Drum, the former Anglo Irish Bank boss who has refused to return to Ireland to face questioning about his stewardship, may be facing leaner times soon.
According to a report in The Irish Independent Drumm's luxury Cape Cod home could be sold for $4 million.
Kathleen Dwyer, the bankruptcy official in charge of Drumm’s estate, has agreed the price of just over $4 million including furniture and fittings. A court will meet next month to decide if Drumm will get any of the proceeds.
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Since Drumm is claiming that the house is his primary home he could be entitled to as much as $500,000 from the sale. However Anglo is arguing that he should not get any of the funds and that his wife would be entitled to half of the proceeds if the house is sold.
Drumm was CEO of the now nationalized Anglo until his sudden resignation in 2008 amid growing scandals about the bank’s lending and accounting practices.
Drumm has steadfastly refused to return to Ireland to answer any questions about his leadership at Anglo before the need for its nationalization. Meanwhile Drumm's decision for file for bankruptcy in 2010 has stalled legal action against him in Ireland.
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