On July 21, Joe Paterno reportedly transferred full ownership of his long-time house to his wife, Sue, for $1, a move that could easily be perceived as a pre-meditated way to shelter himself from the potential financial fallout of the Penn State scandal.
While it's unclear at this point the motivations behind Paterno's actions or whether he even could anticipate the magnitude of the fallout from the scandal, the fact remains that Joe Paterno transferred the entire ownership of his house over to "Suzanne P. Paterno, trustee" for a dollar plus "love and affection." The couple bought the home together back in 1969 for $58,000 and according to public records, the house's fair market value is currently $594,484.
U.S. & World
While the New York Times interviewed two legal experts---one suggested that the transfer was "benign" while the other suggested it served to financially protect Paterno's assets should lawsuits be brought against the former Penn State head coach. Forbes claims that transferring ownership of the house will do nothing from it being used to satisfy a judgment against Paterno, should a lawsuit be filed.
Clouding this matter even further is the fact that the lawyer on the couple's legal documents is David Pohland, who holds the same last name as Sue Paterno's maiden name. Joe, why'd ya do it?
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