Disgraced former Anglo Irish Bank chief executive David Drumm’s Cape Code home is officially being advertised as “For Sale” by a U.S. real estate agency. The building went on the market last Wednesday following a court order in Boston.
Drumm’s creditors are owed more than $13.5 million. He filed for bankruptcy in Boston in October.
The vast property shows the opulence of the Drumm’s lifestyle in Chatham, Massachusetts. Drumm and his family moved to this waterside enclave two years ago when Anglo Irish Bank was collapsing.
The 54,450 sq ft. property is located on Stage Neck Road on the outskirts of the quiet town. Inside the home there is 4,622 sq ft of living area, high ceilings, a sun room and a sitting room with a 60-inch flat-screen TV.
Those who express an interest in the property are given access to a detailed online brochure. According to the Independent the property is described as “set amid a landscape of natural beauty with Oyster River frontage and vistas of Nantucket Sound ... nautically inspired design features," "deep hued custom woodwork" and "spectacular cherry floors."
"Soaring ceilings and windows bring the outdoors in and are complemented with multiple outdoor living spaces, including a gunite pool and welcoming pool house," the promotional literature gushes.
Despite the U.S. property crash, the house is expected to get $5.5 million. In 2008 Drumm and his wife, Lorraine, bought the house for $4.6 million.
In court Drumm revealed that the luxury home is expensive to run. He told the court the average cost of maintaining the property is $10,500 a month.
The real estate agents will continue to market the home until April 30. If it does not sell by the deadline, the selling price will be reassessed.
This is the first major asset that he has been forced to sell. He also owns a house on “Millionaire’s Row” in Malahide, north county Dublin which is worth $2 million, as well as a large house outside Boston in Wellesley.