Buying A Piece Of Pearlman

A set of motorized drapes fetched more than the gold and platinum records of some of Lou Pearlman’s minor musical groups during a recent auction of the music mogul’s empire, although to hardcore fans, owning a piece of boy band history was indeed priceless.

Pearlman, who was arrested in Indonesia June 14th, fled the U.S. in January amid investigations and lawsuits that his company, Trans Continental, was actually a giant Ponzi scheme that served to defraud investors and banks alike out of millions.

In his absence, officials worked to liquidate his assets. Proceeds from the auction were earmarked to compensate the banks he allegedly owes $130 million, and the investors he allegedly bilked of $317 million.

Thousands of items went on the block June 12th, some proving to be more collectable than others. Office furniture, computers, stationery, artwork, vans and trucks were all sold.

Pearlman’s honorary key to the city of Orlando sold for $1,400, according to the Orlando Sentinel. A Backstreet Boys platinum record for Millenium came in at $2,300. The gold and platinum records from Pearlman’s minor groups reportedly sold for $100 to $200 each, while those motorized drapes sold for $250.

Denise Dell-Powell, a lawyer representing the bankruptcy trust, told the paper that it’s not likely the auction will result in a meaningful payout to investors.

"It will generate money. How much money will depend upon, basically, who shows up to bid," Dell-Powell said. "When you take into account the amount of claims that we believe are out there, this auction by itself will not result in a large distribution to creditors."

Pearlman’s home in an Orlando suburb has also reportedly been listed for $8.5 million.