Pearlman’s Furniture sings Bye Bye Bye – Part 2
Harry Stampler had other items in mind. He went on to bid on Pearlman’s 22-foot jet boat and two older Chevy vans. The vans, which wouldn’t start, went for $4,100 and $1,400. The boat went on for $11,000 with Orlando lawyer Clay Townsend wining it. “I actually need a boat this summer,” he said. But he said he has no idea what he’ll do with the gold record plaques he bought.
N’Sync enjoyed a great share of audience. Shastine Sayao who said she lived down the street from Pearlman’s palatial Italianate home in Windermere and knew some of his boy band members, paid $2,400 for two of the boy band’s platinum records. Janine Fatone, sister of N’Sync member Joey Fatone, was also at the auction with instructions from their mother to buy some of his brother’s memorabilia.
Most bidders who were eager to spend thousands of dollars eventually end up taking the best items home. However, Pearlman’s mansion is still left available with a $12.5 million selling price.
Lou Pearlman’s debts are reported to be approaching $500 million. He is accused of defrauding about 1,800 investors in one of the largest investment frauds in Florida history.
Sonnet Kapila, bankruptcy trustee, said that the auction’s turnout were quite surprising. Bidders stood for hours as headache-inducing amplified sounds echoed through Church Street Station’s atrium. The thing is, no matter how successful the auction goes, the accumulated sum wouldn’t even make a dent in Pearlman’s debt.
Born Louis J. Pearlman from Queens, New York is now 52 years old. He gained notoriety when Backstreet Boys sued him for unreasonable and unfair demands in their contract. N’sync had a similar issue. BMG claimed nearly all of the three hundred million dollars *NSYNC had made from record and merchandise sales, leaving seven million dollars for the members of the band.
Pearlman’s whereabouts are unknown but it is certain that he left the United States in January.
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