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.
Sales Agreement, between Annie Leibovitz, et al. and American Photography, LLC (Dec. 17, 2008)
LawsuitArt Capital Group vs. Annie Leibovitz, et al. (Jul. 29, 2009)