Boston Real Estate News – 4/12/2010

Irish Bank’s ex-CEO Takes Refuge in Cape Cod

David K. Drumm is an aggressive business man; In the 1990’s Drumm was dispatched to Boston by the Anglo Irish Bank with the task of securing commercial loans. His aggressive business strategies lead to his financing of numerous commercial properties around Boston including The Mandarin Oriental Hotel, Fan Pier, 200 State Street, and 265 Franklin Street, and in doing so he became a major player in Boston’s commercial real estate market. Success in Boston sent Drumm back to Dublin in 2005 as the CEO of Anglo Irish, where he furthered Anglo Irish’s success under the then booming Irish economy, but this success was merely a facade hiding alleged corruption behind closed doors.

Drumm resigned from Anglo Irish in late 2008 after records of one of the banks chairmen, one Sean FitzPatrick, a former Anglo Irish CEO, receiving $115 million in hidden loans from the bank were made public. Officials are also investigating an alleged $9 billion in short-term deposits made by the Irish banks executives in an effort to conceal their own private loans. Anglo Irish has sued Drumm to recover $11.2 million in loans he himself has received, and the bank’s new executives have recently reported that during his tenure, Drumm spent $2 million in golf outings, which involved flying Boston businessmen to and from Ireland to play some famous courses. So where is Drumm now?

Drumm has been hiding out in his $4.6 million, 4,622-square-foot Chatham home, where he is a refugee from his country and its shattered economy. Irish police want to question Drumm to find out whether questionable deals made during his tenure as CEO at Anglo Irish lead to the country’s largest bank’s failure. However, his real estate company’s office in South Boston appears to be empty, and nobody answers at the door of his Chatham home. Now the only question is how long can he stay hidden?

Read the full article here.

A Massachusetts Version of The Jersey Shore?

As “The Jersey Shore” was wrapping up its first season, Jessica Grose wrote a “modest proposal” for a show titled “Massholes,” a spoof of “The Jersey Shore,” starring stereotypical residents of the Commonwealth. “The cast members would need to have a ‘nearly carnal love for the Red Sox, Patriots, Celtics, and Bruins,'” said Grose, “as well as an affection for aggressive driving and beer binges.”

Apparently Grose’s gag-article is being turned into the real thing, as The Boston Globe claims, citing Gawker who cites Blackbook, Doron Ofir Casting has posted a “Massholes” casting call. The casting call, as reprinted by Gawker, is basically what you would expect from the same people who recruited the likes of Snooki, The Situation, and JWoW:

“You’ll pahty on the beaches of the Cape where Roast Beef Hoagies and cases of Narragansett Light are on every Celtics towel next to a bottle of baby oil and a can of hair spray!” The call then takes on a slightly more formal tone, “Doron Ofir Casting is looking for blue collar, hard working, harder partying, tough talking, damn good looking Mass natives from all over the state …. Yea we’ll consider preps from Wellsley [sic] too if they got what it takes.”

How do we feel about this, Mass-people?

MIT’s Latest Hoax

Along with its reputation for academic excellence, MIT also has a reputation for pranks, or hacks as they like to call them. The bright minds at the Massachusetts Institute of Technology have been pulling hacks for years now, many involving the hoisting of various objects atop MIT’s Great Dome, a campus landmark, but this years hack had quite a twist.

The time-honored tradition of pulling hacks goes as far back as the early 1900’s, and this years hack actually had a bit of a real-estate twist to it. Somehow the students at MIT constructed an inverted lounge underneath the Wiesner building. To put it simply, they built an upside-down room under an overhang. The lounge came complete with hardwood floors, a pool table (complete with stick, balls, and a spread out newspaper,) a coffee table, a potted plant, a lit lamp, a framed picture, and two leather chairs, upon one of which sat a curled up cat.

I know the real-estate connection here is weak, but damn, that’s one impressive hack.

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