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Lou Pearlman's New Nerd Bait Auction!

Oct. 27 2008, Published 7:07 a.m. ET

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PEARL DIVING Lou

A bankruptcy trustee is selling off more memories from the $12 million foreclosed Orlando home of Lou Pearlman, the Svengali behind the Backstreet Boys, 'N Sync, $160 million worth of federal bank fraud charges, and quite possibly the biggest Ponzi scheme in U.S. history.

Orlando news station WFTV talks to David Siegel, a timeshare mogul who visited the boy-band wonder in jail and says Pearlman insists he's innocent, adding that he wasn't running from the law or hiding out in Bali, as everyone knew he was there (save for, like, the FBI and the couple thousand people he owed money to). He also said Pearlman is trying to get out of jail on bond, a move a judge has previously denied, calling him a "serious flight risk."

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In a previous auction, his treasures—gold and platinum boy band records and various trophies—netted about $225,000 for debtors. This time, as Pearlman sits in an 11-foot-by-7-foot Orange County jail cell, we learn that he was a massive Trekkie and an honorary Jedi who owned a framed homage to the Original Pancake House, an Obi Wan cookie jar, and what might be the tastiest collection of nerd bait every assembled under one roof.

Highlights after the jump!

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