Former Penn State coach Joe Paterno transferred ownership of his house to his wife, Sue, for $1 in a transaction that took place in July, according to the New York Times on Tuesday.
The newspaper said that both the Paternos had joint ownership of the house that they bought for $58,000 in 1969 until four months before the Jerry Sandusky scandal broke publicly.
It’s possible that the role of Paterno – who was fired at Penn State last week – in the scandal’s alleged coverup could embroil him in a civil lawsuit and put the family home in danger. JoePa had been on the Nittany Lions’ coaching staff since 1950.
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The Times reported that the house’s fair-market value is $594,484.40. Wick Sollers, a lawyer for Paterno, told the newspaper that the $1 transaction was part of a “multi-year estate planning program” and not a reaction to the scandal.
Sorry, Wick, we don’t believe that. It seems as if Paterno wasn’t blindsided by the scandal after all.
Come on Paterno why in the world would you sign your house over to your wife.
I beleive it’s called CYA or Cover your property in this case!!!!
This is ridiculous. There are plenty of reasons to make this transaction, and I doubt that this investigation was one of them. I hate this scandal and think that everybody who failed to get Sandusky thrown in prison deserves 99 to life, but this is ridiculous.
Insn’t it a little suspicious, signing his house over to his wife and she was a joint owner.