The famed photographer only has until September 8 to pay off a loan from Art Capital Group for 24 million dollars. What's worse, the group is already suing Leibovitz for breach of contract, a sign they're skeptical she'll be able to come up with the cash.
Leibovitz apparently used every photograph she's ever taken -- in addition her homes on West 11th in the west village and in Rhinebeck -- as collateral when she applied for a 22 million dollar loan with Art Capital last year. A source tells the New York Post that it isn't that the photographer was cash poor, but rather that the real estate market crash has "overextended" her financially. In December, Leibovitz struck a deal with Art Capital to increase the loan to 24 million, apparently on the basis that the company be able to sell her assets adn collect a commission.
Now Art Capital is claiming Leibovitz has been uncooperative in the sale of the photographs and real estate, wiht the photographer in turn charging that the group's claims are "false and untrue."
It seems inconceivable that a successful talent like Leibovitz could find herself in these kind of financial straits. Heck, we were at the National Magazine Awards earlier this year when top editors from Anna Wintour to Jann Wenner sang the photographer's praises, bestowing upon her the prestigious Creative Excellence award. Guess this is all proof that the recession can touch anyone.
