Indiana University football coach Curt Cignetti and his wife, Manette L. Cignetti, have purchased a 9,400-square-foot mansion in Sterling Woods, an upscale neighborhood southeast of Bloomington.
The couple paid $2.6 million for the 13.3-acre property, about $900,000 more than its last appraised value about a year ago.
The custom home was built in 2000 and has eight bedrooms and 7.5 bathrooms, according to the listing. It features an exercise room, sauna, in-ground pool and tennis court.
The Cignetti family has three children.
Cininetti signed a six-year contract with IU last year with a starting salary of $4 million annually, including a base salary of $500,000 and external marketing and promotion income starting at $3.5 million annually. At his previous job at James Madison University in Harrisonburg, Virginia, Mr. Cininetti earned an annual salary of $677,311.
6 year contract:Here are the contract details for new Indiana State football coach Curt Cignetti.
Former IU football coach Tom Allen made $4.9 million annually after signing a contract extension in March 2021.
The university fired Mr. Allen in December, and the buyout cost $15.5 million. Cininetti's six-year contract allows him to be bought out for up to $20 million, but if he were to resign, he would owe the university as much as $6 million.
The Indiana State Athletic Department reported a $5.6 million surplus in its 2023 financial report filed with the NCAA.
Mr. Sinetti and the property's listing agent, Jeff Franklin, could not be reached. Local property records show the Signetis purchased the home from Thomas C. and Angela Martin. Tom Martin is a local car dealer.
The sale price of Ms. Cininetti's new home is about $500,000 more than the most expensive home sold in Monroe County last year, a 10,000-square-foot mansion on Lake Monroe. The most expensive home sold in Monroe County in 2022 sold for just under $2.7 million.
Take a peek inside:Most expensive homes sold in Monroe County in 2023
Home prices in Monroe County, like much of the country, have risen rapidly in recent years, especially during the pandemic, and despite rising interest rates post-pandemic, they haven't slowed much.
The median home sales price in Monroe County was $305,000 in February, up 12.8% from the same month last year, according to real estate firm Redfin. Over the past five years, the median sales price has increased by $115,000, or 60%.
The average home sold after 76 days on the market in February was up three days from a year ago but down two days compared to 2019.
Boris Ladwig can be reached at bladwig@heraldt.com.
