Lou Pearlman Says Quit Playing Games With My Real Estate

Crazy, Ponzi-scheming, boy-band-creating Lou Pearlman now has no place to go home to if and when he gets out of jail, thanks to a bankruptcy court taking away the Orlando home where he spent so many nights molding willing young boys into a formation-dancing army in white slacks, as well as a condo in Atlantic CIty where we assume he gambled away a small fraction of the millions he made off of O-Town, N*Sync, LFO, and defrauding thousands of people:

A bankruptcy judge Thursday approved the $7.1 million sale of the 9,000-square-foot Orlando home and a $335,000 condominium in Atlantic City, N.J., owned by the man who created the Backstreet Boys and ‘N Sync.

Pearlman, 53, remains jailed after being indicted on three counts of bank fraud and single counts of mail and wire fraud for business he did with Evansville, Ind.-based Integra Bank N.A., according to court documents.

Also Thursday, the bankruptcy judge approved the return of $22,467 in deposits Pearlman made toward a November cruise on the Queen Mary 2 and he assigned three lapsing Pearlman life-insurance policies to an investor. Pearlman also will give up eight season tickets for Orlando Magic games.

The court also came and collected his prison jumpsuit, replacing it with a barrel with suspenders. No word yet on if he’ll have to hand over the suspenders to authorities at a later date.

Pearlman Loses Orlando Home [Yahoo via AP]