Art Capital Group has sued the famous photographer Annie Leibovitz over a sales agreement and a 24 million dollar loan. The portrait photographer needed the funds for “tax liens, mortgages and unpaid bills.”
She first approached Art Capital in June 2008 and secured a loan in September, the company said, and drew down $5 million of a $22 million credit line. In December, Art Capital agreed to extend the line to $24 million and advanced her another $18.9 million, it said.
Leibovitz must repay the $24 million, plus unpaid interest and other fees, by Sept. 8. Without sales of collateral, Art Capital believes “Leibovitz will be unable to satisfy their obligations on the maturity date — a point that was discussed and acknowledged by the parties at the outset of the restructuring,” the company said. Bloomberg
I’m impressed that any artist could get a loan for $24 million! Sure, she may not be able to pay it back and may lose her catalog of photographs and properties, but it’s an interesting story to tell the grand kids. Here’s some Annie Leibovitz photos on Google Images.