Jan. 18 (Bloomberg) -- Former Rutgers University football coach Greg Schiano must pay the school the $300,000 balance of an interest-free loan he got to build a multimillion dollar home in Piscataway, New Jersey, by Jan. 26.
Schiano, 46, who resigned in January to coach the National Football League’s Tampa Bay Buccaneers, has been trying to sell the house since April and has cut the price twice, to $1.95 million from $2.3 million. 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.
“It’s one of those properties where the builder used only top-of-the-line materials and did it right, from the granite around the fire pit that seats 50 to the Sub-Zero refrigerators,” Santini said.
Schiano declined to comment through a Buccaneers spokesman.
The house has been on the market for 282 days. Initially listed at $2.3 million last April 17, the price was reduced to $2.15 million on Sept. 7 and again to $1.95 million on Sept. 28, according to Santini.
Santini said that Schiano has $2.2 million invested in the home and is prepared to wait for the right buyer. Homes in the area are older and many are priced in the $700,000 to $1 million range.
Schiano left the New Brunswick, New Jersey, school after posting a 68-67 record in 11 seasons. He led the program to its first postseason bowl victory and a No. 12 final national ranking in 2006, the highest ever for the team. The Buccaneers went 7-9 in his first season in the NFL.
He was paid $2.03 million, including bonuses, in his final season with the Scarlet Knights. The Buccaneers paid Rutgers $500,000 last February to buy Schiano out of his contract.
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