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Pearlman's palace finds buyer for $7.1-million

Bank of America has first dibs on proceeds.

By Helen Huntley, Times Staff Writer
Published August 28, 2007

Lou Pearlman in happier days with a few of his possessions at his Windermere mansion in Orlando. A plastic surgeon in Orlando bought the 12,000-square-foot home on Lake Butler.
	[Special to the Times]

The Windermere mansion where Lou Pearlman and his boy bands relaxed away from the spotlight is about to get a new owner.

Orlando plastic surgeon John Choi has a deal to buy the property for $7.1-million from bankruptcy trustee Soneet Kapila. Originally listed for $8.5-million, the price had been reduced to $7.9-million. The transaction still must be approved by the court.

The two-story home, dubbed "Chaine Du Lac," has 12,000 square feet and a boat dock on Lake Butler. The amenities include a pool and hot tub, sauna, steam room and media room. A guest house and vacant lot next door are part of the package.

Most of the furnishings were sold Saturday in a bankruptcy auction that brought in about $280,000 before expenses. The priciest purchase was $10,340 for Pearlman's golf cart, designed to resemble a Cadillac Escalade. His Baldwin baby grand player piano brought $3,850.

Pearlman had reams of memorabilia from the Backstreet Boys, *NSYNC and other boy bands he created, as well as Star Wars and other entertainment and sports collectibles. A statue of Anakin Skywalker, a character in the Star Wars movies, sold for $1,100.

Kapila said about 400 people attended the Orlando auction, which went on for more than nine hours. An additional 178 bidders participated online from around the world.

The sales won't go far toward reducing Pearlman's debts of more than $400-million. Bank of America has a first mortgage that gives it first dibs on proceeds from sales of the home. The bank's share is expected to be close to $6-million.

A bankruptcy judge will decide who gets the rest. Claimants include First International Bank and Trust, which has an $8.4-million second mortgage secured by the vacant lot.

Pearlman is in the Orange County Jail awaiting trial on federal bank fraud charges.

Helen Huntley can be reached at hhuntley@sptimes.com or (727) 893-8230. Read more about the Lou Pearlman case at blogs.tampabay.com/money.

[Last modified August 27, 2007, 23:05:33]