Decanonized Mythologized Disgraced Ped State Monster Coach Joe Paterno (Zombie Icon)

[zincfinger]

If you did that detective work you'd understand why their number isn't so wildly off. It is all about what sold right next door or just down the street.

This isn't a small residence, and it isn't in "rural PA" it is in State College.

And, it isn't worth $600K +

I'm not making any claim as to what the house's market value is, and have no interest in doing detective work to support this nonexistent claim. I'm just saying zestimates aren't very persuasive, in my view. The interesting point here, in my view, is that Paterno for some reason took this step, not how some valuation assessor valued the property.

"Fair market value" is what someone is willing to pay, and what someone is willing to take.

If something sold next door for $15,000 - but someone who wants JoePas house is willing to pay $1,000,000 .. then it's worth $1,000,000.

Exactly my point from earlier. A tax assessor probably shouldn't take this into account, but from an actual market value standpoint, I think it probably has an impact.

 

[OSU_Buckguy]

I don't think there's anyway he comes out of this not stinking.http://insession.blogs.cnn.com/2011/11/15/missing-da-investigated-sandusky-case/

like a visit to the shoe, joepa will come out of this stinking.

 

[zincfinger]

If you did that detective work you'd understand why their number isn't so wildly off. It is all about what sold right next door or just down the street.

This isn't a small residence, and it isn't in "rural PA" it is in State College.

And, it isn't worth $600K +

I'm not making any claim as to what the house's market value is, and have no interest in doing detective work to support this nonexistent claim.

I'm going to reverse myself and do a little bit of that detective work. "Comps" are meaningless unless you compare square footage, and Paterno's house appears to be one of the biggest in the area. So normally, your best price comparison is not overall price, but price per square foot, and zillow gives Paterno's house a low estimate by that measure, at $105/sq ft. Nearby homes, while having a lower overall zestimate due to their appreciably smaller size, are priced in the range from $120-$200/sq ft. So I would say that, based on a cursory apples-to-apples comparison between Paterno's and neighboring houses, that the zestimate on Paterno's house is probably too low.

In any event, I'm not sure what's even being suggested here. That someone nefariously overestimated the value of Paterno's house in order to financially benefit him in some unspecified way? I think the guy's got enough shit on his plate due to failing to report child molesters, without having to also have dots connected to indicate he's got the municipal tax assessor in his pocket, who overcharges him on property taxes in a way that somehow benefits him.

 

[BB73]

Why do we give a rat's ass whether JoePa's home is worth 400K, 500K, or 600K? I don't think too many of us are planning to move to State College in the near future.

The relevant point is that he sold it to his wife for $1 this past summer, a few months after he was interviewed by the grand jury.

Question for the lawyers - would that transfer of ownership actually shield the value of his house from being part of his personal assets in the forthcoming civil suits? Or would it still be considered an asset of his as long as they're still married?

 

[MililaniBuckeye]

Dry well in the basement, with a basket for lowering lotion always raises the price with thrill seekers.

It puts the scholarshop offer in the basket...

 

[zincfinger]

Why do we give a rat's ass whether JoePa's home is worth 400K, 500K, or 600K?

We don't really, some of us are just uncontrollably argumentative pricks.

Question for the lawyers - would that transfer of ownership actually shield the value of his house from being part of his personal assets in the forthcoming civil suits? Or would it still be considered an asset of his as long as they're still married?

Not sure whether PA is a joint tenancy or tenancy by the entirety jurisdiction as regards spousal property ownership. I'm guessing the former, but I'm not sure it matters. I believe a joint tenancy can be dissolved by sale of one joint tenant's interest to the other joint tenant. Any resident state common law types can perhaps clarify on this. If so, that would mean Paterno just took his house out of the realm of potential civil damages claims. There may be a contractual element, whether the sale was for valid consideration, i.e. whether $1 and "affection" is adequate to make the sale of Joe's interest to Sue contractually valid and binding. I would speculate that it is.

 

[buxfan4life]

Let me put on my "thinking cap" here:

:tinfoil:

OK, ready to go.

What if this missing prosecutor was in on the whole "diddling little boys" thing (makes me sick just typing that) and was a "customer" of The Second Mile. Maybe he realized that his little world, as well as Jer's and others, was going to be crashing down around him very soon so he decided to get rid of all the pedo files on his laptop by destroying the HDD, and offing himself in shame and guilt, disguising it as "going missing", knowing that he let old Jer slide due to the fact he, himself, was participating in the alledged illicit activities.

I know it sounds really far fetched, but as more and more details arise, I can't help but wonder.......

 

[localyokel]

He went missing 6-1/2 years ago.

Doesn't mean there's no connection, but "very soon" wouldn't seem to apply.

 

[LitlBuck]

Why do we give a rat's ass whether JoePa's home is worth 400K, 500K, or 600K? I don't think too many of us are planning to move to State College in the near future.

The relevant point is that he sold it to his wife for $1 this past summer, a few months after he was interviewed by the grand jury.

Question for the lawyers - would that transfer of ownership actually shield the value of his house from being part of his personal assets in the forthcoming civil suits? Or would it still be considered an asset of his as long as they're still married?

Don't know if this has been posted or not but protection from personal liability seems to be the issue.

Lawrence A. Frolik, a law professor at the University of Pittsburgh who specializes in elder law, said that he had ?never heard? of a husband selling his share of a house for $1 to his spouse for tax or government assistance purposes.

?I can?t see any tax advantages,? Frolik said. ?If someone told me that, my reaction would be, ?Are they hoping to shield assets in case if there?s personal liability?? ? He added, ?It sounds like an attempt to avoid personal liability in having assets in his wife?s name.?

http://www.nytimes.com/2011/11/16/s...rred-ownership-of-home-to-his-wife-for-1.html

 

[Bleed S & G]

Question for the lawyers - would that transfer of ownership actually shield the value of his house from being part of his personal assets in the forthcoming civil suits? Or would it still be considered an asset of his as long as they're still married?

I believe that's why they did it in a trust.

In Ohio..

Wife and husband are 50/50 owners - automatically. "Dower" is always there, regardless if the house is in one name or both names - the spouse still owns 50%.

If the property is bought in a trust, dower does not exsit. For example.. a couple is going through a divorce, and the husband needs somewhere to go. He doesn't want to buy a house in his name, as his soon-to-be-ex is entitled to 50% of it. However, if he were to set up a trust - he can take 100% ownership and his soon-to-be-ex has 0% ownership.

 

[Bleed S & G]

The amount ($1) is just a formaility. It can be sold for whatever amount.. it won't change the "value" a court or government would put on it. I would think that's obvious as the $1 sale didn't change the tax value.

The auditors and courts use a 3rd party apprasier to gauge value when selling or assessing a property. They don't use Zillow (where they value homes at $120K, even though their on the market for $70K) and they don't use the last transaction.

 

[zincfinger]

The amount ($1) is just a formaility. It can be sold for whatever amount.. it won't change the "value" a court or government would put on it.

Clearly. The question I'd pose to you is, is nominal consideration always valid, even where circumstances tend toward an inference that the contract, for which nominal consideration was exchanged, was intended to remove property from being subject to damage awards in potential, unrelated tort liability.

 

[Dryden]

So ignorant-of-the-facts Joe coincidentally transferred ownership of his house in July, huh?

Guess he doesn't have a subscription to the Patriot News. If they do say so themselves: "Central Pennsylvania's Leading News Source."

http://www.pennlive.com/midstate/index.ssf/2011/11/penn_state_child_sex-abuse_sca.html

I don't know what kind of calendars you guys use, but most of mine have March and April occurring prior to the month of July.

I mentioned this last week. Joe Pa was fully aware of what was brewing with Sandusky because all these individuals at PSU made the 2hr trip from State College to Harrisburg PA in Dec 2010 or Jan 2011 to testify - those dates are in the presentment.

 

[DubCoffman62]

Let me put on my "thinking cap" here:

:tinfoil:

OK, ready to go.

What if this missing prosecutor was in on the whole "diddling little boys" thing (makes me sick just typing that) and was a "customer" of The Second Mile. Maybe he realized that his little world, as well as Jer's and others, was going to be crashing down around him very soon so he decided to get rid of all the pedo files on his laptop by destroying the HDD, and offing himself in shame and guilt, disguising it as "going missing", knowing that he let old Jer slide due to the fact he, himself, was participating in the alledged illicit activities.

I know it sounds really far fetched, but as more and more details arise, I can't help but wonder.......

That's a possibility but I'm leaning towards the theory that some really bad people in high places wanted to make sure this case never got investigated so they made an example of him and that's why so many people kept mum for so long. That would at least somewhat justify the fear of coming forward.

 

[buxfan4life]

He went missing 6-1/2 years ago.

Doesn't mean there's no connection, but "very soon" wouldn't seem to apply.

The original allegation in the GJ presentment was in 1998. The incident with McQ as a witness in 2002. That is 14 years ago and 9 years ago respectively. There are other alledged accounts that span from that time up until 2009 as of now. I was commenting on what he might be thinking in my tin-foil hat theory, so he might have been thinking at the time that all of this was going to come out very soon, hence doing what I proposed he did.

The whole post was totally baseless and purely conjecture, hence "putting on my tin foil thinking cap" introduction. Sorry my "very soon" comment bothered you so.