Drumm’s wife agrees to sell US home

DAVID DRUMM’S wife has agreed to the sale of the couple’s home in the upmarket Cape Cod area of Massachusetts.

The house, bought by the couple in early 2008, will go on the market for $5.5m (€4.2m) after Lorraine Drumm signed off on the sale in an agreement with her husband’s bankruptcy trustee.

Ms Drumm will receive half of the proceeds of the sale after a mortgage of just over $1m is paid off, while Mr Drumm is claiming an exemption of $500,000, which he wants to protect from creditors. But real estate analysts do not believe the house will sell for even close to the asking price, with two separate websites that track prices estimating its value at just under $4.2m.