Joe Paterno's Bizarre Real Estate Transfer: Did he Foresee Scandal Coming?

Joe Paterno's Bizarre Real Estate Transfer: Did he Foresee Scandal Coming?

According to insiders within the Penn State program, Joe Paterno was the CEO of not just college football, but everything else surrounding the team in Happy Valley. He was cold, calculating, and in control of all that went on.

So those claiming the senility defense, “oh he’s a confused old man,”- sorry that just doesn’t fly. When something happened within his empire, he knew about it. And perhaps his enhanced planning skills were at work when he “sold” his house to his wife for a $1 less than four months before the scandal broke. Was it just a typical estate planning and wealth transfer maneuver from an 84 year old man?

Or a way to shelter himself from the storm he knew was coming?

For more updates/news on the PSU scandal.

 

According to Yahoo! Sports The Postgame:

Joe Paterno’s recent real estate transaction, reported by Mark Viera and Pete Thamel of the New York Times, has led some to speculate he knew his world was going to come crumbling down around him at Penn State. The winningest coach in major college football history quietly transferred complete ownership of his house to his wife for $1 less than four months before the bombshell sex abuse scandal erupted.

Some legal experts believe the move was made to financially shield the Pennsylvania pigskin legend.

The Times uncovered documents that show Paterno, who had joint possession of the home, handed control of his residence over to his wife, Sue Paterno, for a dollar plus “love and affection.”

JoePa’s home was originally purchased for $58,000 in 1969; the home’s fair-market value in 2011 was listed at $594,484.40.

The post goes on to mention how a lawyer from the Paterno family claims this is just another routine step in the family’s process towards protecting their nest egg, and maintaining it for the future generations in the family.

And on the flip side, legal experts feel that the anticipation of possible future lawsuits against Paterno from the rape and abuse victims is what truly stimulated the estate planning move/wealth transfer.

Paul M. Banks is CEO of The Sports Bank.net, a Google News site generating millions of unique visitors. He’s also a regular contributor to Chicago Now, Walter Football, Yardbarker, and Fox Sports.

A Fulbright scholar and MBA, Banks has appeared on live radio all over the world; he’s also a member of the FWAA, USBWA and SPJ. The President of the United States follows him on Twitter (@Paul_M_BanksTSB) You should too.

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  • If someone got a judgment against him, they could move to have the transfer set aside as a fraudulent conveyance, so it ultimately would not have that effect, if it were intended. Since it was less than 4 months ago, I doubt that there would be any statute of limitations problem.

    Maybe we should let Pa lawyers research Pa law.

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