Lorraine Drumm, wife of former Anglo Irish Bank chief executive, David Drumm, has agreed to put their Cape Cod, Massachusetts, home on the market.
The couple bought the house in early 2008. Ms Drumm has agreed to receiving half of the proceeds after the mortgage of just over $1 million is paid off. Mr Drumm is claiming an exemption of $500,000 which he wants to be protected from creditor.
Their Cape Cod home will go on the market for $5.5 million. However, real estate analysts do not believe that the house will sell for close to this asking price. Two separate websites which track property prices estimate that it will sell for $4.2 million.
If the property sells for under the asking price creditors including Anglo Irish Bank will share $1.75 million.
The couple bought the Cape Cod house in March 2008 for $4.6 million with the help of a $1.2 million mortgage from a Cape Cod bank. So far they have paid off under $200,000.
Ms Drumm has agreed to oversee the sale of the property until April 31. If the property has not been sold by then the trustee overseeing the bankruptcy case will take responsibility. She has also agree not to remove any belongings from the house without consulting the trustee.
The Drumms moved to the U.S. permanently in early 2009 when he was ousted from Anglo Irish Bank. Initially the family lived in Stage Neck Road but they have since moved to Wellesley, outside Boston. They bought it for $2 million earlier this year.
Moving to Ireland
After living in Ireland for almost one year, this is what I’ve learned