03/28/2008 02:45 am ET Updated May 25, 2011

Boy Band Mogul Loses Condo, Lakefront Home

Boy-band mogul Lou Pearlman is losing his lakefront Orlando home and a New Jersey condominium in bankruptcy proceedings, as he faces separate federal charges of defrauding a bank out of $20 million.

A bankruptcy judge Thursday approved the $7.1 million sale of the 9,000-square-foot Orlando home and a $335,000 condominium in Atlantic City, N.J., owned by the man who created the Backstreet Boys and 'N Sync.