Renowned photographer Annie Leibovitz is in serious debt. An astounding $24 million in debt, to be exact.
It's incredible that this could happen to a famous and prestigious photographer whose cultural contribution includes some of the most iconic and important photographs in our history.
Leibovitz has been a major player in the world of photography for over four decades and her photos have been exhibited in Rolling Stone, Vogue, museums, and several books.
And yet, if she doesn't repay the $24 million by September 8, she could lose the rights to her entire body of work.
It all started just over a year ago when Leibovitz borrowed money from Art Capital Group, a Manhattan based banking group, to help her pay off debt that she had accumulated over the years. The term of the loan was one year, and she put up her homes and her portfolio as collateral.
She has not yet repaid her debt, and Art Capital Group consequently filed legal proceedings claiming that she had no intention of ever paying off her debt to them.
Therein, in order to maintain ownership of her homes and her portfolio, she must pay off the $24 million, plus interest by September 8.
If she's unable to do so, this will be a sad loss for the art and fashion world.
Sad.
But you have to wonder, just how does someone get into such a large debt?
[Image via AP Images.]
Posted: August 20, 2009 at 11:00 am
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