Lou Pearlman Net Worth: Lou Pearlman as an American impresario of successful boy bands who had a peak net worth of $300 million dollars. Lou Pearlman was born on June 19, 1954 in Flushing, New York.
Pearlman was found guilty and sentenced to 25 years in prison in 2008. In 2016, he died in federal custody. Talking about his wealth, according to celebrity net worth, Pearlman had a peak net worth of $300 million at the moment of his death. Also See: All Details About Lorene Scafaria’s Net Worth, Married Life, and Early Life
Lou Pearlman was an American impresario of a successful boy who developed NSYNC. Let’s know all details about his reason for death, personal life, and early life. Who Was Lou Pearlman?
Pearlman died with much of the money unpaid and lawsuits unresolved. Pearlman’s story originally aired in a two-hour special of 20/20 Friday, December 13, 2019 in its episode, “The Hitman: From Pop to Prison.” The episode is airing again tonight, Friday July 3, 2020, at 9 p.m. on ABC. Here’s what you need to know:
How much was Pearlman worth when he died?
In 2016, he died in federal custody. Talking about his wealth, according to celebrity net worth, Pearlman had a peak net worth of $300 million at the moment of his death.
Lou Pearlman was born June 19, 1954, in Flushing, New York , the U.S. He died at the age of 62 in Miami, Florida, U.S. In addition, Pearlman is the only child of Jewish parents Hy Pearlman, who ran a dry cleaning business, and Reenie Pearlman, a school lunchroom aide. He managed a band as a teenager, but when success in music proved difficult, he turned to aircraft.
Lou Pearlman was an American impresario of a successful boy who developed NSYNC. Let’s know all details about his reason for death, personal life, and early life.
It is unknown about Lou Pearlmans’ relationship status because he hasn’t shared any details about his love life. He was always in controversy. So, we can’t find any details regarding his married life.
How did Pearlman die?
Pearlman ultimately died while still in custody at the Federal Correctional Institution in Miami, Florida, on August 19, 2016, from cardiac arrest . He was buried ten days later on August 29, 2016 in the family burial area. He was 62 years old.
Lou Pearlman was born and raised in Flushing, New York, the only child of Jewish parents Hy Pearlman, who ran a dry cleaning business, and Reenie Pearlman, a school lunchroom aide. He was a first cousin of the musician Art Garfunkel. Pearlman’s home at Mitchell Gardens Apartments was located across from Flushing Airport, where he and childhood friend Alan Gross would watch blimps take off and land. According to his autobiography, Bands, Brands, & Billions, it was during this period that he used his position on his school newspaper to earn credentials and get his first ride in a blimp. This is disputed by Gross, who claims he was the school reporter, and allowed Pearlman to tag along.
The members of Backstreet Boys were the first to file a lawsuit against Pearlman, feeling that their contract—under which Pearlman collected as both manager and producer—was unfair, because Pearlman was also paid as a sixth member of the Backstreet Boys (i.e., one-sixth of the band’s own income).
As a teenager he managed a band, but when success in music proved elusive, he turned his attention to aviation. During his first year as a student at Queens College, Pearlman wrote a business plan for a class project based on the idea of a helicopter taxi service in New York City.
With these two major successes under his belt, Pearlman had become a music mogul. Other boy bands managed by Pearlman were O-Town (created during the ABC – MTV reality television series Making the Band ), LFO, Take 5, Natural and US5, as well as the girl groups Solid HarmoniE and Innosense (with Britney Spears in the very beginning as a short-term member), co-managed with Lynn Harless (the mother of NSYNC band member Justin Timberlake ). Other artists on the Trans Continental label included Aaron Carter, Jordan Knight, Smilez & Southstar and C-Note. Pearlman also owned a large entertainment complex in Orlando, including a recording studio he called Trans Continental Studios, and a dance studio near Disney World named O-Town. In 2002, Pearlman and Wes Smith co-wrote Bands, Brands and Billions: My Top 10 Rules for Making Any Business Go Platinum.
The two parties sued each other, and seven years later Pearlman was awarded $2.5 million in damages. On the advice of a friend, Pearlman started a new company, Airship International, taking it public to raise the $3 million he needed to purchase a blimp, falsely claiming that he had a partnership with Wüllenkemper.
Pearlman became fascinated with the success of the New Kids on the Block, who had made hundreds of millions of dollars in record, tour and merchandise sales. He started Trans Continental Records with the intent of mimicking their boy band business model.
How much is Lou Pearlman worth?
Lou Pearlman Net Worth $300 Million. Lou was raised in Queens, New York City, the only child in the Jewish family, where he developed a fascination for music and aviation. He graduated from Queens College with a degree in accounting.
Rumor has it that Pearlman had several relationships with members of his bands, although he denied such statements. After suffering a stroke in 2010, he eventually died from cardiac arrest on 19th August 2016 in the Federal Correctional Institution in Miami, Florida, USA. .
In 2008, Lou was sentenced to 25 years in prison, after pleading guilty to charges of making false statements, conspiracy and money laundering among many others.
He repeated his success as a manager with NSYNC, although most of his other acts such as O-Town, Aaron Carter, LFO and Take 5, only enjoyed brief fame. However, Lou’s success started to fall apart at the beginning of the 2000s.
Some years later, Lou made friends with German mogul Theodor Wullenkemper, through whom he learned about airships, and in the mid-‘80s, he began managing his own companies, including a helicopter shuttle service and an advertising company. His net worth was apparently established.
How did Lou Pearlman die?
Lou Pearlman was a boy band mogul who died in federal prison at age 62 of a heart infection in 2016 while serving a 25-year sentence for a $300 million Ponzi scheme.
Pearlman filed for Chapter 11 bankruptcy in 2010 on behalf of Trans Continental Airlines and Lou Pearlman Enterprises. His claim was denied. According to the bankruptcy filing, which you can read here, two of his three investment schemes used a Ponzi scheme model.
Pearlman did that because he had tremendous demands for cash from EISA investors and prior loans made by federally insured financial institutions.
Pearlman launched boy bands including *NSYNC, the Backstreet
Boys, LFO, Take-5 and O-Town while collecting millions of dollars from investors to pour into fake businesses. Among them was a purported airline, Trans Continental Airlines, which did not exist.
He launched boy bands NSYNC, the Backstreet Boys, Take-5 and O-Town, promoting them with the investor’s money and keeping most of the profits for himself. All but one of the boy bands he launched sued Pearlman. Pearlman died with much of the money unpaid and lawsuits unresolved.
He brought Bass and others to fame, even while keeping most of their earnings and duping investors. Bass told 20/20 Pearlman’s death in prison meant none of the victims in the $300 million Ponzi scheme received closure. “I was so confused on exactly how to feel,” Bass said.
The episode is airing again tonight, Friday July 3, 2020, at 9 p.m. on ABC. Here’s what you need to know: