LOU PEARLMAN - PEARLMAN FORCED TO SELL HOME

Boy band svengali LOU PEARLMAN has been ordered by the U.S. Bankruptcy Court to sell his house and its contents. The 53-year-old former manager of Backstreet Boys and 'N Sync is currently in jail after being indicted on three counts of bank fraud and separate counts of mail and wire fraud. Pearlman's Florida home is set to go under the hammer at auction on Saturday (08Mar08). Earlier this week (begs03Mar08), Pearlman reached a deal with prosecutors, after retracting his proclamation of innocence in a desperate bid to minimise any potential jail time. As part of the plea deal, Pearlman has agreed to work with federal agents to recover as much of the $300 million (GBP150 million) he is accused of stealing from investors. He is also suspected of defrauding another $100 million (GBP50 million) from banks. Pearlman is expected to enter the new plea at an Orlando, Florida court hearing on Thursday (06Mar08). Prior to changing his plea, Pearlman faced 130 years in prison and a $3 million (GBP1.5 million) fine if convicted of all charges in the federal indictment.