Annie Leibovitz, Creditor Focus In On A Deal

Celebrity photographer Annie Leibovitz, who had been facing a lawsuit because she failed to pay back a $24 million loan, worked out a deal with her creditor, which will allow her to buy back control of her photographs and pay back the money under new terms. Originally, Leibovitz had signed over the rights to all her photographs (past and future), as well as her three West Village townhomes and Rhinebeck estate, as collateral for the loan, which was supposed to have been paid back on Tuesday. It's unclear when the loan will be repaid at this time, but Art Capital is now letting "Ms. Leibovitz...retain control of those assets within the context of the loan agreement which shall prevail until satisfied." In a statement, the photographer said, “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"—and maybe selling off some of that real estate.

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By Jen Chung in News on September 11, 2009 4:03 PM

Comments [rss]

suepart

the creditors must have shit for brains because they could have wreaked havoc on the schlockster/shyster "photographer" once and for all, kept all the rights and have gotten paid off from the proceeds of her townhouses etc. instead, they are banking on the value of her work, which is arguably low and increasingly low in this recession where few are buying "art" (much less this worthless garbage portraiture), for payoff next time around (not a good thing, as she couldn't even pay some chump change to the photographer whose work she used as her own). the creditors are big time suckers.

dr zippy

wow, suepart, that's a whole lotta anger over a business decision between two parties to which you have no connection.

Bort

Was she ever really big with collectors? I always picture her money coming mostly from her magazine work.

Jen S

I think they did this strategically - now that we know they're softies, all sorts of nearly-bankrupt stars will turn to Art Capital!

NannyState

And we also know that if they got heavy with Annie Liebowitz, she'd be the last customer they'd ever see.

wow 14th street

Yawn!

However , she will now probably charge more

for her book signature,She is better known

as a bad business person than as a photog.

She can recoup all the money by photographing

Monica Lewinsky and Bill Clinton naked in the

oval room for Conde Nast or TMZ.

Mr Mel

She thinks the world owes her.

PTG in nyc

What is it with rich people who can't spend within their means? Am I supposed to pity her or think she almost got what she deserves (definitely the latter)?

Hire an F'ing money manager you nitwit. Stop photographing 16 year olds in creepy pictures with their fathers while you're at it.