Sid buys and sells a home
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This was not your normal NHL transaction.
Penguins center and captain Sidney Crosby bought a house in Sewickley Heights nearly two years ago and began renovating it while continuing to live with team owner and Hall of Famer Mario Lemieux and his family.
Before he moved, Crosby decided he would rather live closer to the village of Sewickley, with its neighborhood feel and amenities. So, when a house that fit those needs went up for sale, he bought it, had it torn down and is building a new home.
What to do with the first house? No problem.
Penguins president and CEO David Morehouse, who had admired the residence while helping Crosby with the earlier house hunt, bought it. That made it easier for Crosby, who did not have to go through a drawn-out sales process that might have attracted a lot of attention. But it created an unusual situation.
Under the NHL's collective bargaining agreement, there might have been questions about such a financial transaction between a player and a top team executive. Any inflated or undercut price could have been interpreted as a violation of the salary cap.
The Penguins passed along the details beforehand to the league and commissioner Gary Bettman to ensure there would be no misunderstanding. Morehouse paid $2.4 million for the property, a relatively modest $100,000 more than Crosby paid.
Crosby, 24, is splitting time between Lemieux's home and an apartment while his new house is under construction. He has lived full time or part time with the club owner's family since he was an 18-year-old rookie.
First Published November 24, 2011 12:00 am