Funny. I’d have thought that Annie Leibovitz would be worth a bob or two. But it appears not.
An art finance company that loaned celebrity photographer Annie Leibovitz $24 million against the value of her entire collection and her properties has sued Leibovitz for violating the terms of the agreement.
In a lawsuit filed in New York State Supreme Court, Art Capital Group Inc asked a judge to compel Leibovitz to cooperate with the person assigned to selling her copyrights and organising the sale of her properties, so Leibovitz can pay back the loan.
Leibovitz (59), who has photographed everyone from Michelle Obama to Britain’s Queen Elizabeth and a heavily pregnant Demi Moore in the nude, approached Art Capital in June last year about her “dire financial condition,” the lawsuit said.
She initially obtained a $22 million loan from American Photography, which is held by Art Capital Group. Later that amount was increased to $24 million.
The breach of contract lawsuit accuses Leibovitz of “boldly deceptive conduct” and seeks to compel her to grant real estate agents access to homes in Manhattan and in Rhinebeck, New York, so they can be sold and the money used to repay the loan…
Two possible explanations: (a) that private jet was a step too far; (b) she was a client of Bernie Madoff.
Still, she can always pawn her Nikon D3s and that Hasselblad system.