If Tampa Bay Buccaneers coach Greg Schiano loses his job after this season, it does not appear he will move back into the home he still owns in New Jersey.
Schiano recently dropped the price on his 8,500-square-foot house near Rutgers' football stadium, according to Kelly Heyboer of NJ.com. Tampa Bay’s coach has dropped the price of his home three times, and after an original listing of $2.3 million 19 months ago, it is now available for $1.595 million.
"It definitely would be a bargain at the price it is now. It's less than it cost to build it," Schiano's agent, Jerry Kienlen of Kienlen Lattmann Sotheby's International Realty in Basking Ridge, told NJ.com.
How Schiano acquired the home is arguably more interesting than his latest price reduction. Here is a portion of Heyboer’s story:
Under an unusual deal, Rutgers University helped finance the construction of Schiano's custom-built house on Logan Lane, across Route 18 from Rutgers' football stadium. In 2006, the state university sold Schiano a parcel of land that was once part of the school's ecological reserve, then gave him a no-interest $800,000 loan to help build the house.
Under the agreement, Rutgers forgave $100,000 of the loan for every year Schiano remained Rutgers' coach. When Schiano left last year, he still had $300,000 left on the loan. He sent Rutgers a $300,000 check in January, a week before the balance of the loan was due, cutting his last financial ties to the school.
Under a clause in the agreement, Rutgers officials had the first shot at buying the house they helped Schiano build. But when Schiano put the property on the market in April 2012, campus officials said they were not interested.
According to NJ.com, Rutgers is still not interested in purchasing the home.
There is no word if Schiano plans to sell his home in Tampa, but after his team’s 0-8 start, there are plenty of Bucs fans ready to throw him a moving party.
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