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Lou Pearlman Net Worth, Biography & Wiki 2017
Louis Jay Pearlman was a record producer, and then a notorious fraudster, born on 19th June 1954, in Flushing, New York City USA, He was known as the manager of successful ‘90s boy bands like Backstreet Boys and NSYNC. After being accused for running one of the biggest Ponzi schemes in history, ie rolling over income to pay debts, he pleaded guilty to conspiracy, money laundering and making false statements during bankruptcy proceedings in 2007-08.
Have you ever wondered how rich Lou Pearlman was? According to sources it has been estimated that Lou Pearlman’s overall net worth was over $300 million accumulated largely through running fraudulent businesses, and money laundering. Having been very successful at his criminal activities, his net worth increased significantly during the years.
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. Later, when his first attempts of managing a band failed, Pearlman, who was still a teenager, decided to focus on aviation and spent the majority of his time at Flushing airport. 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.
A few years later, the members of the “New Kids on the Block” band chartered one of Lou’s planes, and he decided to formally enter the music business. In the following decade, with the help of Johnny Wright who had previously managed New Kids on the Block, Pearlman placed an advertisement and began auditioning members for his first group, “The Backstreet Boys”. Lou fully dedicated himself to the music business, creating a worldwide phenomenon, as the Backstreet Boys eventually sold close to 100 million albums. 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. The boy band craze was dying, and soon followed numerous lawsuits from the bands he managed and several of his former co-workers. During this period, Pearlman briefly managed the German boy band US5, but due to the increasing number of charges pressed upon him, he was soon back in the US. 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. Two of his supposed major companies never actually existed, hence the Ponzi scheme he operated for many years.
When it comes to his personal life, not much is known about his private affairs; however, it is believed that he was closely related to Art Garfunkel, a member of the folk singing duo “Simon & Garfunkel”. 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.