Paterno transfered full ownership of home to wife for $1 four months before scandal broke

[Liberal_in_LA]

Paterno Passed On Home to His Wife for $1



STATE COLLEGE, Pa. — Joe Paterno transferred full ownership of his house to his wife, Sue, for $1 in July, less than four months before a sexual abuse scandal engulfed his Penn State football program and the university.

Documents filed in Centre County, Pa., show that on July 21 the Paternos’ house near campus was turned over to “Suzanne P. Paterno, trustee” for a dollar plus “love and affection.” The couple had previously held joint ownership of the house, which they bought in 1969 for $58,000.

http://www.nytimes.com/2011/11/16/sports/ncaafootball/in-july-paterno-transferred-ownership-of-home-to-his-wife-for-1.html?_r=1

[ProgressiveProfessor]

1. Multiple threads on this yesterday

[Liberal_in_LA]

6. didn't see them. I'll look for them. Thanks.

[alcibiades_mystery]

2. Thanks for the post

I agree with you that the 37 other posts on this same story were pitifully insufficient, but maybe your 38th will really strike it home!

:thumbsup:

[Liberal_in_LA]

5. Not enough sarcasm in this post. More please.

[dtexdem]

3. Good. She shouldn't be hurt by his failures.

Now, any transfer of other assets would need some review.

[MADem]

4. He might have worried about lawsuits. This way he'll have a place to live.

He might be dying, too--and he doesn't want the house tied up in his estate.

I knew a guy who did that--signed the house over to his wife, because he was older (it was a May-Dec thing) and he wanted it to be easy for her when he died.

Surprise, surprise--she got cancer, died, and he lived for a decade more, to nearly 100, in that house.

Anyway, hard to know the motivations. I think the whole "lawsuit" thing can be defended (not morally, but in court) to some extent--he could shove the liability on to the school, as he was an agent/employee and ostensibly conferred with the Board of Directors. Of course, lawyers DO cost money....!

Amazing how real estate has gone through the roof in the last half century.

[ProgressiveProfessor]

10. More likely estate planning per prior posts

[broiles]

7. Of course he knew this was coming.

How long has that grand jury been in session with everyone associated with his program and Penn State having to testify. It was just a matter of time before the story broke. He had to know there would be repercussions for him.

[FreeJoe]

8. $1! He got ripped off.

[Broderick]

12. I think the house is worth a bit more, even if just the property value

Nevertheless, the toxic cleanup inside might be more than the estimated value. Just saying.

[Bandit]

9. I would bet it was one dollar and other valuable considerations.

Pretty standard way of buying and selling valuable stuff...

[SoCalMusicLover]

11. Just Like Madoff

By transferring it, I imagine it is now shielded from any lawsuits against him personally. They would have a difficult time proving the wife was in on it....although she's obviously an idiot if she had no idea.

Bring on the lawsuits!