A US BANKRUPTCY judge has been asked to clear the way for an auction to be held for this palatial Malahide mansion – the home of former Anglo Irish Bank chief executive David Drumm and his wife Lorraine.
RTÉ News reports that the home – in the upmarket Abington estate – is the subject of a bidding war between two couples. Originally put on the market for €1.65 million earlier this year, a sale was agree for the house in late August – though RTÉ says a higher bid has now been made.
The outcome of the dispute will be of keen interest to many – not least Drumm’s former employer, the now-renamed Irish Bank Resolution Corporation, which as Drumm’s largest creditor would be entitled to a significant chunk of the sale proceeds.
Drumm’s wife Lorraine, however, would get 50 per cent of the proceeds as she is listed as the property’s joint owner, and is not affected by the bankruptcy claim.
GALLERY: A tour around David Drumm’s soon-to-be-auctioned Malahide mansion
Here’s the marketing blurb from auctioneers Norths Property (via Daft.ie):
No. 20, Abington is a double fronted, Regency-style home extending to approximately 480 sq.m.(5,167 sq.ft.). Accommodation briefly comprises of a beautiful entrance hall with feature timber staircase; three spacious reception rooms; large kitchen with sun-filled dining room off; six bedrooms including luxurious master suite with dressing room; five bathrooms.
Abington is an exclusive development of detached, luxury, executive-style homes just off the Swords Road and within easy walking distance of Malahide village centre. Malahide has long been one of the most desirable coastal locations in Dublin.
Dublin airport, the city centre and the motorway network are easily accessed from Abington. Malahide includes an array of shops, restaurants and pubs together with schools, churches and, of course, Malahide Castle, the marina and miles of beaches.
RTÉ says the bankruptcy trustee overseeing Drumm’s bankruptcy proceedings wants to hold a telephone auction involving the two current bidders, with a decision to be made on her application in the coming days.
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