(CNN) Harvard University is investigating its head fencing coach amid allegations he conducted a real estate transaction that involved the family of a current and a former student-athlete, the school announced Thursday.

In 2016, Coach Peter Brand sold his home in Needham, Massachusetts, for almost twice what a tax document said it was worth. Now, Harvard is conducting an independent review of that transaction.

Jie Zhao bought Brand's home for $989,500, according to the deed. At the time, he had a son on the Harvard fencing team and one in high school, The Boston Globe reported.

However, a municipal lien certificate indicates the home was worth just under $550,000. Zhao sold the property about 17 months later at a loss of over $300,000.

Following the sale of his home in Needham, Brand purchased a condominium in Cambridge.

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