Social media in Knoxville went nuts over the news that the University of Southern California had turned former Vol Coach Lane Kiffin’s “dream job” into a nightmare by firing him. But surely they will feel sorry about the fact that he might soon be homeless.
Kiffin bought a $2.6 million house when he came to UT to coach. When he decamped to California after one year, he eventually sold the house for $1.96 million—a loss of $700,000.
TMZ reports that USC loaned Kiffin $500,000 for a down payment on a $5.5 million Manhattan Beach house when he was hired. But the loan was to be called if Kiffin quit or was fired from his job. It was a clause to prevent Kiffin from jumping ship, which, as UT fans can testify, he has been known to do. The university has the legal authority to call the loan, plus interest, or to foreclose on the property.
It will likely be a matter of negotiation in Kiffin’s separation from the school.