DAVID DRUMM’S salubrious family home in Malahide, Co Dublin, has been put up for sale at a knockdown €1.65 million.
The Irish Timeshas learned that a "for sale" sign will be erected outside the 480sq m (5,167sq ft) property today on the instruction of Kathleen Dwyer, the Boston lawyer appointed to liquidate the assets of the former Anglo Irish Bank chief in his bankruptcy case.
Dublin-based North’s Property, which specialises in valuations and sales of distressed properties, is handling the sale. Viewings will begin on Saturday.
“It’s a nice house, in good condition generally,” Pat Stephenson, North’s executive chairman, said yesterday.
Mr Drumm’s house in Abington had been on the market, on and off, since 2009. Offers above €3 million were originally sought but this was subsequently lowered to €2.79 million and €2.3 million before the house was withdrawn.
Mr Stephenson said he priced the property in line with recent transactions in the area.
Earlier this month, it emerged that Fulton, a six-bedroom Georgian-style mansion in Abington, once owned by singer Ronan Keating and his wife Yvonne, had been sold by Lisney for about €1.5 million. The asking price was €1.9 million.
“It’s a difficult one to price in the current market but Malahide is a desirable place where people want to live,” said Mr Stephenson.
The marketing brochure describes it as a double-fronted Regency-style detached home within walking distance of Malahide village.
On the ground floor, it is described as having a “beautiful entrance hall with feature timber staircase”, three reception rooms, and a large kitchen with “sun-filled” dining area.
Upstairs, there are six bedrooms, including a “luxurious master suite with dressing room”, and four bathrooms.
The house has underfloor heating downstairs and double-glazed sash windows. It also has electronic gates with a video intercom, grounds and a detached double garage. A service charge applies to the property.
The proceeds from the sale of Abington will be used to pay some of Mr Drumm’s debts to Irish Bank Resolution Corporation, formerly Anglo Irish Bank.
It is not known if his wife will receive money from the sale.
Mr Drumm filed for bankruptcy in the Boston courts in October 2010 after failing to reach a settlement with Anglo, which is owed €8.5 million.
Mr Drumm bought the house in 2003. As the financial crisis came to a head in 2009, and Anglo was nationalised, he transferred the property into the sole name of his wife, Lorraine Drumm.
Anglo claimed this transfer was fraudulent and brought a case against the couple. The transfer was then reversed.
The bankruptcy trustee has already sold one of Mr Drumm’s homes in Cape Cod in the US for $4 million (€3 million). Ms Dwyer is also seeking to sell the Drumm family home in Boston.
