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Drumm moves to new Boston address

David Drumm - New Boston address
David Drumm - New Boston address

Former chief executive of Anglo Irish Bank David Drumm has changed his address and moved to another expensive home nearer to Boston, which was bought by a trust earlier this year.

Mr Drumm has been living in the United States for some time and famously owns a property in Chatham in Massachusetts, said to be worth some $6m.

In his bankruptcy filing Mr Drumm says he has a beneficial interest in the trust which bought that house.

But Mr Drumm has also told the court that the $6m house is his homestead, which means the court will protect the first $500,000 of the equity in that home.

It is conceivable that Mr Drumm could end up with a beneficial interest in two houses in the most expensive parts of the US, after his bankruptcy.

Mr Drumm owes more than $13m to creditors, including his former employer, Anglo Irish Bank, and has filed for bankruptcy in Boston.

He is due to appear at a hearing next week.