Paterno Home Sold For $1

November 17, 2011 by staff 

Paterno Home Sold For $1, Former Penn State football coach Joe Paterno sold his share of his long-time State College, Pennsylvania, home in July to his wife for just $1.

The New York Times reports documents filed with Centre County, Pennsylvania listed the fair market value of the property at $594,484.40.

Paterno’s attorney Wick Sollers tells the Times the move was part of a “multiyear estate planning program,” and the transfer “was simply one element of that plan.” Wollers says the sale was not connected to the scandal that has engulfed the Penn State campus.

Paterno and the University’s president were fired last week following the arrest of former assistant coach Jerry Sandusky on charges Sandusky molested eight young boys, some of them at Penn State facilities, over a fifteen year period.

Paterno has faced harsh criticism for not taking more action when he learned of an incident involving Sandusky and a child from a graduate assistant. Paterno reported that incident to his boss, the college’s athletic director, but never contacted police.

Sandusky maintains his innocence. He told NBC’s Bob Costas Monday that he did shower with some youths, hugged them, and engaged in horseplay, but did nothing of a sexual nature.

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