Photographer Leibovitz could lose portfolio due to debt

[Naomi]

NEW YORK (CNN) -- Celebrity photographer Annie Leibovitz could lose the right to her entire portfolio of world-famous photographs if she doesn't meet a Tuesday deadline to pay back a $24 million loan she is alleged to owe.
Annie Leibovitz appears before her photo of Demi Moore during an exhibition of her work in June in Madrid, Spain.





Leibovitz, who has photographed everyone from the Rolling Stones to Queen Elizabeth II, put her art, intellectual property and even real estate assets up for collateral last year when she consolidated her massive debts.
Art Capital Group, which restructured the debts, claims it agreed with Leibovitz that it could sell her assets if she didn't pay back the loan by Tuesday.
Now Art Capital is suing Leibovitz for breach of contract, claiming she has not repaid the money and is blocking the company's right to sell her works and assets. It says she has vowed not to cooperate with Art Capital and has failed to pay invoices to the company.
Art Capital says Leibovitz also has not allowed real estate brokers to visit her properties so they can show them to potential buyers. Watch how the legendary photographer fell into debt »
Asked by CNN to respond, Leibovitz's attorney, Steven Brawer, said, "I don't have anything I can tell you." They have until October 1 to respond to the lawsuit.
One of Leibovitz's best known photos is of John Lennon with his wife, Yoko Ono, shortly before the Beatles star was assassinated in 1980.
She is no stranger to controversy.
In 1991, Leibovitz photographed a nude and extremely pregnant Demi Moore for the cover of Vanity Fair. The issue, considered scandalous at the time, was sold in many places nationwide with a sheath of white paper.
Last year, Leibovitz photographed Disney star Miley Cyrus wrapped in a bedsheet, eliciting claims that the photographer pressured the teen queen into poses that were too provocative for her young age.
In July, Art Capital filed a complaint with the New York Supreme Court, asking it to uphold the sales agreement it signed with Leibovitz, including its right to sell her art and real estate.




If the court agrees with Art Capital, it means Leibovitz could end up owing far more than she did originally. Art Capital has asked for an unspecified amount of damages in addition to the money it says the photographer originally borrowed.
Art Capital -- through its affiliate, American Photography -- provides financial and consulting services to artists, galleries and art owners, and offers loans based on their intellectual property and fine art assets.

i would hate to see this happen
such a talent

[daisy dog]

Good photagrapher.
Lousy money manager.

[Tracy]

too bad Michael Jackson is dead....he'd probably put her pictures next to all the Beatle's lyrics

[paulusa302]

Wow... Can you picture it?

Hold on!

She failed to see the big picture.

[Robb]

She failed to see the big picture.

She sure left herself overexposed.

She'll soon be seeing things from their perspective.

[daisy dog]

She has to focus more.

[Naomi]

NEW YORK (CNN) -- Art Capital Group has withdrawn its lawsuit against celebrity photographer Annie Leibovitz and extended the due date for repayment of her $24 million loan, the two sides announced Friday.
Annie Leibovitz appears before her photo of Demi Moore during an exhibition of her work in June in Madrid, Spain.





It is part of an agreement reached between Leibovitz and Art Capital Group, which restructured her debts, according to a joint statement from the two sides.
Under the agreement, Art Capital also agreed to extend the maturity date for the loan it provided to Leibovitz, which was originally due on Tuesday. The statement did not say when the loan is now due.
In exchange, Art Capital will be the "exclusive agent in the sale of her real property and copyrights," the statement said.
"Ms. Leibovitz will therefore retain control of those assets within the context of the loan agreement which shall prevail until satisfied," it said.
Leibovitz, who has photographed everyone from the Rolling Stones to Queen Elizabeth, put her art, intellectual property and even real estate assets up for collateral last year when she consolidated her massive debts.
"In these challenging times, I am appreciative to Art Capital for all they have done to resolve this matter and for their cooperation and continued support," Leibovitz said in the joint statement.

"I also want to thank my family, friends, and colleagues for being there for me and look forward to concentrating on my work."
One of Leibovitz's best-known photos is of John Lennon with his wife, Yoko Ono, shortly before the Beatles star was assassinated in 1980.
She is no stranger to controversy.
In 1991, Leibovitz photographed a nude and extremely pregnant Demi Moore for the cover of Vanity Fair. The issue, considered scandalous at the time, was sold in many places nationwide with a sheath of white paper.


Last year, Leibovitz photographed Disney star Miley Cyrus wrapped in a bedsheet, eliciting claims that the photographer pressured the teen queen into poses that were too provocative for her young age.
In July, Art Capital filed a complaint with the New York Supreme Court, asking it to uphold the sales agreement it signed with Leibovitz, including its right to sell her art and real estate.

[witchofthedogs]

Last year, Leibovitz photographed Disney star Miley Cyrus wrapped in a bedsheet, eliciting claims that the photographer pressured the teen queen into poses that were too provocative for her young age.

Because those pictures were so much worse than Miley pole-dancing on top of an ice cream cart in front of an audience of middle-schoolers.

[Kid Lester]

Last year, Leibovitz photographed Disney star Miley Cyrus wrapped in a bedsheet, eliciting claims that the photographer pressured the teen queen into poses that were too provocative for her young age.

Because those pictures were so much worse than Miley pole-dancing on top of an ice cream cart in front of an audience of middle-schoolers.

You're doing this because you know I can't fap today, aren't you?

[witchofthedogs]

You're doing this because you know I can't fap today, aren't you?

I'm a tease. What can I say?

[Decent]

Before I begin to feel sorry for her, I want to know how the hell she wound up $24 MILLION dollars in debt.

[BillW]

Good photagrapher.
Lousy money manager.

That is true, but sad at the same time. How does someone get into that much debt?