Friday, January 18, 2013

Greg Schiano owes Rutgers $300,000 on property loan

Greg Schiano resigned from his head coaching job at Rutgers University one year ago to take the same position with the Tampa Bay Buccaneers. One of the reasons he took the NFL gig with the Bucs was undoubtedly due to the increase in salary. However, Schiano still owes his former employer $300,000 stemming from an interest-free loan he obtained from the university to help build a home in New Jersey.

From Bloomberg:
The coach bought land from the university and was given the $800,000 loan from the athletic department in 2007 to build a house about two minutes from the school’s High Point Solutions Stadium. 
Under the agreement, the school forgave $100,000 of the loan each season Schiano remained as coach, with any balance remaining when he resigned due one year later. Schiano owes $300,000 by Jan. 26, according to university spokesman E.J. Miranda.
The 8,468-square foot (787 square meters), five-bedroom, five-and-a-half-bath home is near the university golf course, said Michael Santini, owner of Golden Key Realty in Martinsville, New Jersey, and the listing agent. It has a heated, in-ground pool with waterfall and spa, three-car garage, camera security system and media room with 10-foot ceilings.
Schiano has been trying to sell the house since April. The current asking price sits at $1.95 million after falling from its initial price of $2.3 million set back on April 17. His realtor has stated that Schiano is in no rush to sell the home and is prepared to wait for the right buyer to pay the price.

Schiano compiled a 68-67 record in 11 seasons as head coach at Rutgers. During his tenure, he resurrected the Scarlet Knights football program from mediocrity to respectability.

Tampa Bay went 7-9 under his first year of guidance.

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