Famed photographer Annie Leibovitz settled with her creditor, Art Capital Group, for the rights of her current and future works and the sale of her property’s. Leibovitz trouble become public last February and make headline on the New York Times front page title “That Old Master? It’s at the Pawnshop”
John Lennon & Ono photo by Annie Leibovitz
“Leibovitz will therefore retain control of those assets within the context of the loan agreement which shall prevail until satisfied,” statement issue by Leibovitz and her creditor.
“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, I also want to thank my family, friends, and colleagues for being there for me and look forward to concentrating on my work.” Leibovitz.
“The bulk of Leibovitz’s debt apparently comes from extensive renovations at two of the Greenwich Village town houses that she bought in 2002 and ultimately combined into one property. Damage during the renovations led to a $15 million lawsuit from a neighbor.
Around 2004, Leibovitz started taking out a number of loans while she tried to get her financial house in order. She ended up selling some properties — including a photo studio for $11.4 million — but she has also borrowed heavily against her other properties and the money apparently wasn’t enough.
Finally, in September 2008, she turned to Art Capital Group, the company the Times called a pawnbroker, to consolidate all her loans. The company, which specializes in making loans to owners of high end art work, charges interest rates of 6 percent to 16 percent.” Ref: abc news
pregnant Demi Moore for the cover of Vanity Fair / photo by Annie Leibovitz
“To secure her loan, Leibovitz put up her homes, which are estimated to be worth around $40 million, and — more importantly — the rights to her work, also valued at about $40 million.
In a lawsuit, Art Capital Group alleged that Leibovitz breached her contract with the company by refusing to allow real estate experts into her homes to appraise their value and by blocking the company from selling her photographs.
Her most famous images include a photograph of John Lennon taken hours before he was assassinated and a nude portrait of a pregnant Demi Moore for the cover of Vanity Fair.” Ref: abc news
read full articles:
bio: Annie Leibovitz / wikipedia
Annie Leibovitz Reaches Settlement with Creditors/abc news
That Old Master? It’s at the Pawnshop / New York Times
Photographer Leibovitz misses deadline to repay $24 million debt/ AFP
AMERICAN MASTERS “Annie Leibovitz” /PBS
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