Annie Leibovitz faces ruin :::
 

Annie is having money problems and may lose her body of work to pay for a 24-million dollar loan. Sad : (

Annie Leibovitz, photographer of stars, faces ruin

The best artists are usually terrible with finances. Sad, she is an amazing creative mind.

24-million-dollar loan.. wow...

" Leibovitz took a 24-million-dollar loan"

why?? to build a bridge to south-america or something?

:Oh crap:Oh crap

Absolute madness.

That's what happens when you spend wildly with abandon, while not paying attention to what you need to do to bring money in. She could've made a mint on signed prints, but I remember reading she didn't want to take the time to sign them.

but 24 MILLIONS !!! how do someone spend 24 millions?

Outrageously expensive photoshoots (for which she was responsible on the cost) combined with outrageously expensive spending habits (multiple homes with full staffs, etc.).

I read somewhere a while back that her former lover (she's a lesbian) had died and left her a big estate and she was having issues keeping it up (overhead, taxes etc...etc.). Plus she owed a lot of money to people before that happened so it just put her deeper in debt.

I read about this in the New York Times... sad stuff.

What did she use the $24M for?

Wow.. such a shame

Damn, like millions of people I've enjoyed her photos of my favorite bands since she first started.

c'mon dean... although she's an extremely talented photographer as yourself. Taking a 24mm loan against your work? For what? To maintain an extremely high end cost of life? Don't feel sorry for her or anyone else in this subprime housing mess.

Admire her work but have no sympathy for her situation. She overspent and overborrowed unneccessarily.

So Sad...

24 million obviously represents an ongoing reckless cash flow practice. Not a onetime hit. Sad but hard to feel sorry for her.


.

I worked for her years ago.

Long story short, she bought two houses in lower Manhattan and made them into her home and headquarters. They were beautiful historical buildings but under the skin they were totally run down.

So she spent millions more restoring them than she initially thought, and also had to spend several million fighting her neighbors who did not want the construction/ destruction of the historical buildings.

Because she only makes $2 mill a year from her Vanity Fair contract she consolidated all her dept into a single loan from Art Capital Group. The problem is not that she can't pay the loan, she just can't pay it fast enough, which is what the loan company is betting on.

Art Capital Group has done this with several notable artists so that they can take control of their catalogs, which is where the real money lies. Annie is not even late on her payments yet. She is being sued by Art Capital Group as a preemptive strike so they can start to consolidate her assets. :2 cents: