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Debt Closes In On Celebrated Photographer
Photographer Annie Leibovitz could lose copyright to her iconic images and her entire life’s work if she doesn’t come up with a $24 million loan payment by Tuesday.
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NEW YORK (September 6, 2009)--Annie Leibovitz's artsy, provocative portraits of celebrities regularly grace the covers of Vanity Fair and Vogue and the images have made her as famous as her subjects and earned her millions.
But Leibovitz risks losing the copyright to the images and her entire life's work if she doesn't pay back a $24 million loan by Tuesday.
Art Capital Group, a New York company that issues short-term loans against fine and decorative arts and real estate, sued her in late July for breach of contract.
Some experts say filing for bankruptcy reorganization could be the best option for Leibovitz, 59, who has put up as collateral her three historic Greenwich Village townhouses, an upstate property and work.
She bought two of the townhouses in 2002, embarking on extensive renovations to combine them into one property, which spurred protests from historic preservationists and a $15 million lawsuit by a neighbor.
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I'll help her out and buy her photo of Willie Nelson. It's worth it.
"Oh what a terrible tangled web we weave"!!
