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Pearlman mansion soon to be bank property

Here's another sign the Florida real estate market may not have hit bottom: Bank of America will be allowed to foreclose on Lou Pearlman's Windermere mansion because bankruptcy trustee Soneet Kapila wasn't able to sell the property. Pearlman owes the bank about $5.8-million, including the mortgage, accrued interest and taxes, but the best bid at Saturday's auction was $3.75-million. Attempts to negotiate a sale with another buyer fell through.

Pearlman mansion soon to be bank property 03/13/08 [Last modified: Thursday, March 13, 2008 7:57pm]
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[AP file photo]