Soneet Kapila has a deal to sell Lou Pearlman's Windermere mansion

Soneet Kapila filed this motion in the bankruptcy court today, asking for approval to sell Lou Pearlman's Windermere home to John Choi for $7.1-million. The property has been listed since June 1 for $8.5-million by Sotheby's International Realty. Choi has put down $175,000 in escrow for the property, which would be sold as is, free of liens and encumbrances. Choi, 41, is an Orlando plastic surgeon who already lives in the neighborhood. Dr. Choi said he plans to live in the house.

The sale won't be a windfall for the bankruptcy estate. Bank of America has first dibs on the property to satisfy a first mortgage on which it was owed $5.3-million several months ago, plus assorted fees. It also has been paying the expenses to maintain the property, for which it will now be reimbursed. What's left after paying off Bank of America will be set aside for the court to decide how to allocate it. First International Bank and Trust has a second mortgage, on which it was owed $8.4-million several months ago. However, the mortgage is only secured by the vacant land next door to Lou's house. Cheney Mason and William Pringle also may have an interest in the property based on their court judgment. 

Kapila calls the sale "a necessary step toward a reorganization plan" and says it will benefit the estate by reducing the outstanding debt. 

St. Petersburg Times story

(Photo credit: Phelan Ebenhack special to the St. Petersburg Times)

Comments

It would have been nice to see Bank Of America get screwed on the mortgage but they will be paid in full according to Helen's report.

They screw me everyday with fees!

Dr Choi will you continue the new years parties tradition at the casa?

If cameras were in the guest bathroom, and the people using the bathroom did not know---the FEDS should add another charge.

Dr. Choi needs to rename the house Chaine du Plastique

[Ben]

All I can say is Dr Choi is getting a very impressive home, Good luck to Dr Choi

it is well known fact that lou had cameras in the guest room and guest shower.

No. I had the same security system as he did. But I hope you feel better.

Lou lied about so much but you beleive him when he says he had the camera system. You people are amazing, you beleive in him enough to give him your money than you find out he's a liar but you beleive all of his gloating. FXT is a fool with no life and those of you who trust LJP ever told the truth must have the same ailment as the scarecrow in the Wizard of Oz.

OK, we seem to have established that he had security cameras. Did he also have a bidet?

Me too. Lou said the small round case on the ceiling of his office, right above the 2 guest chairs, was a video surveillance camera designed to look like a burglar alarm. Also, that talking front door security system does more than just announce activity, it is tied into a professionally monitered third-party alarm system.

I was at Lou's house one day when he talked about having security cameras inside, particularly in the office, so Francis knows what he's talking about.

[Ben]

Francis, I think you are being silly to think he bugged his own house. That house has already been checked for things like that.I guess since there is nothing else to talk about, you can talk about bugs and moles. If you knew anything, like you claim you do, why not contact the proper authority instead of putting it on the blog where everyone can see it. Be real. Lou is finished, going to jail for life and the investors are screwed for life. the money they recovered is going toward the receiver and attorneys, we will see nothing, take your $3,000 a year write off, thats what we will wind up with only.

[Francis Xavier Torelli]

So, you know he hasn't bugged his house or you doubt he has bugged his house. What evidence do you have to support your claim? I have testimony of a frequent vistor to the house. Ever see the lens of a button camera?

You are right... it is really silly that LJP and his rapscallions put us in the position of discussing this whole mess.

What is silly is that banks have to go after the executives of companies to get their money back. What is really silly is that people like Pearlman don't honor their debts and contracts. What is even sillier is that his partners in crime think they are getting away with it.

Even if lou cuts a deal,gives some money back and goes free, it will leave him wide open to civil lawsuits. He would not be "enjoying" whatever he has left in time or money. He would not be left alone.

Lou's security was a computer voice saying "Front Door is open" or whatever. I doubt he bugged his own house.

This blog is getting sillier by the day.

[Francis Xavier Torelli]

I hope they "sweep" the house for "bugs" and hidden video cameras. One of my moles told me that the word was out there that Lou had internal security in the home, but it was mostly for his personal jollies.

I would hate for some unwitting family to move in and have the LJP perverts spying on them remotely. I have experience with sloppy government TSCM.

Just remember boys. Semi-Passive systems have to be transmitting before you can find them.

If the feds buy that they may as well welcome the next fraud on Floridas hapless population. Soneet and all the professionals are gleeful for the mansions potential sale, and you can bet they are padding their hours as we breathe. The banks were in collusion with Pearlman through their negligence, they are the last ones deserving anything. Soneet and Co. need to establish a percentage of recovered assets as payment, not an open blank check-they will abuse that for sure.

[Doiky Doik]

There's no way they're going to find 1/10th of the money. Undoubtedly what Lou hasn't squandered, he's moved offshore to places where the money can't be touched.

My prediction is that he'll cut some deal with the Feds and return some money to the banks. He'll do a little time and then be released to enjoy the millions he has stashed.