If you’ve seen a photograph in Vanity Fair that you liked, it’s probably Annie Leibovitz who shot it.
She is a great photographer, but – unfortunately – she seems to be piss poor in money management. Reports of her fiscal troubles have been circulating for months, and now, the Art Capital Group Inc is suing the famed Leibovitz for the money she owes them.
Apparently, to get herself out of debt, she asked the corporation to lend her $24 million. She has yet to begin giving back these funds, which would mean selling off both real estate and artistic properties. The company filed suit Wednesday morning and pleaded with a judge to “compel Leibovitz to cooperate with the person assigned to sell her copyrights and organize the sale of her properties, so Leibovitz can pay back the loan.”
Supposedly, Annie has refused to meet with any prospective buyers of either properties, making it rather difficult to sell them. Reps for Annie are claiming that the lawsuit is simply a publicity stunt to gain more recognition for the company and that their actions are “harassment and attention-getting efforts.”
Hmmmm. We’d need to see her contract with these peeps.
There should be a timeframe for repayment of the loan built in to the deal. If not, then stall away!
PS: She had to have gotten a huge check from Disney for the Disney Dreams collection. Not $24 million of course, but a lot none the less. Where’s all that dough?!
[Image via WENN.]