After yesterday's original deadline passed for acclaimed photographer Annie Leibovitz to repay the $24 million loan she obtained last year, she and lender Art Capital Group are reportedly in negotiations to resolve the legal dispute.
As collateral for a $22 million loan that she obtained in June 2008, and renegotiated in December 2008 for an additional $2 million and more favorable rate, Leibovitz put up as collateral her:
- "Fine Art and intellectual property;"
- Manhattan townhouses in the West Village; and
- Country home in upstate New York
A perfect storm of hefty mortgage payments on multiple properties, outstanding tax liens and unpaid bills led Leibovitz to take out the loan last year.
Related Resources:
- Sales Agreement, between Annie Leibovitz, et al. and American Photography, LLC (Dec. 17, 2008)
- Lawsuit Art Capital Group vs. Annie Leibovitz, et al. (Jul. 29, 2009)
- Annie Leibovitz still in talks to try to keep photography portfolio, New York houses, New York Daily News (Sept. 9, 2009)
- Annie Leibovitz, Creditors in Settlement Talks, ABC News (Sept. 9, 2009)
- Annie Leibovitz faces loan, Reuters (Sept. 8, 2009)
- Annie Leibovitz: Subprime Borrower, by Feliz Salmon, Reuters (Jul. 30, 2009)
