How rich is Lou Pearlman?
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Louis Jay “Lou” Pearlman (created June 19, 1954) is an American impresario of successful 1990s boy bands like the Backstreet Boys and ‘N Sync. In 2006, it was found that Pearlman had perpetrated one of the greatest and longest-operating Ponzi schemes in American history, leaving more than $300 million in debts.
Pearlman became fascinated with all the success of the New Kids on the Block, who’d made countless millions of dollars in record, tour and products sales. He began Trans Continental Records together with the aim of mimicking their boyband business model. The label’s first group, the Backstreet Boys, consisted of five unknown performers chosen by Pearlman in a $3 million talent hunt. Direction responsibilities were delegated to some former New Kids on the Block manager, Johnny Wright, and his wife Donna. Pearlman and the Wrights subsequently duplicated this formula nearly precisely using the group *NSync, which sold over 55 million records worldwide. With these two important successes under his belt, Pearlman had become a music mogul. Other artists on the Trans Continental label contained Aaron Carter, Jordan Knight, Smilez & Southstar and C Note. Pearlman also possessed a big amusement complex in Orlando, including a recording studio he called Trans Continental Studios, as well as a dance studio by Disney World named “O Town”. Lou Pearlman also was an official at TAG Entertainment.The independent film company TAG Entertainment produced some low budget yet money-making films and DVDs.