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Annie Leibovitz and Lender Focus on Legal Negotiations

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By Joel Zand on September 09, 2009 10:55 AM

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.

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