The trustee liquidating former Anglo Irish Bank Corp. Chief Executive Officer David K. Drumm’s assets to help pay creditors owed more than $14 million received court approval to sell his waterfront home for $3.9 million.
U.S. Bankruptcy Judge Frank Bailey in Boston authorized the sale of the Cape Cod property in an order dated Oct. 4. It’s being bought by Three Sisters Trust, or its designee, and sold by Chapter 7 Trustee Kathleen Dwyer, according to the order.
The house in Chatham, Massachusetts, was bought for $4.6 million in March 2008, according to documents obtained from the Barnstable County Registry of Deeds. Drumm resigned in December 2008 and the bank was taken over by the government weeks later. He filed for Chapter 7 bankruptcy protection in October 2010, listing debts of $14.2 million and assets of $13.9 million.
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