A story about him claims that one day he and three other boys caused trouble by ringing the bell very hard.
When the abbot learned what happened, he decided to pardon them because they were young aristocrats and when they were older, they were likely to pay far more than the value of this bell in gifts to the monastery.
The Dane got drunk and offered to sell an estate for 50 marks.
Æthelric, perhaps wishing to clinch the deal before the man became sober, then quickly sent a messenger to Cnut to ask for help.
The king was playing a game of chess, but he offered the money to Æthelric, who then finalized the purchase.