Posted on 07/30/2009 7:51:03 PM PDT by bruinbirdman
The celebrity portrait photographer Annie Leibovitz is being sued by an art finance company which lent her $24 million against the value of her entire collection and her two homes.
In a lawsuit filed on Wednesday in the New York State Supreme Court, Art Capital Group claimed Leibovitz had violated the terms of their agreement, engaging in "boldly deceptive conduct" to avoid paying hundreds of thousands of dollars.
The company asked a judge to force Leibovitz to co-operate with the person assigned to selling her copyrights and organising the sale of her properties in Manhattan and upstate New York, so she can pay back the loan.
Leibovitz, 59, whose photographic subjects have included the Queen and Michelle Obama, approached Art Capital in June last year about her "dire financial condition" arising from mortgages, tax and unpaid bills, the lawsuit said. She initially borrowed $22 million but later increased it to $24 million.
"In connection with the negotiation of this $22 million credit facility, Leibovitz discussed and acknowledged that Leibovitz's fine art, intellectual property and real estate assets, all collateral for the loan, would likely need to be sold ... as part of the process of Leibovitz's financial restructuring," the lawsuit said.
Art Capital claims Leibovitz has refused to allow estate agents into her homes so they can value them nor will she meet with people interested in buying her photographic collection.
Rachel Williams, the photographer's lawyer, declined to comment on the lawsuit.
(Excerpt) Read more at telegraph.co.uk ...
Sounds like she needed a good accountant a long time ago
Typical lib behavior.
And she borrowed 24 million dollars for what reason?
I remember when she worked for Rolling Stone magazine and they sold her (officially stamped on the back as her work) photos for 10 bucks each! She took some great pics of the Stones in 1970’s.
Annie is very talented. She’s taken some GREAT photos. Wish her well. Sounds like she borrowed an OBSCENE amount of money. Maybe obama can bail her out.
So who’s the guy?
Just because she put a $100K pricetag on one of her pics doesn't mean they are worth it, I guess.
Costs some pesos to live and mingle on the Upper East Side.
yitbos
Typical American saying "I can't believe I voted for this pantload"
Huh? She looks like that “male/female” Mayor from Oregon.
If they were dumb enough to loan $24M against photos, guess what, they just took a $23.99M bath. I’ll bet she took the $24M and gave it to Uncle Bernie to double it.
What did she spend the money on? Certainly not beauty treatments.
I am not a fan of plastic surgery but she could have spent a little of the $24 million on a nose job.
Why in the world would she need to borrow 24 million?
So Jewish lesbian “artists” can be deadbeats, too....
She tried to turn it into a same sex marriage issue by saying she had to borrow the money to pay the taxes on property she inherited when her companion Susan Sontag died (if I recall correctly), taxes and expenses she says she would not have had to pay if they had been able to get married.
But even the liberals realized she was just pulling a fast one.
LOL....Been there, seen him in Silverton and you are absolutely right!!! Thought she looked a little familiar when I saw the photo....HA!
Well, she IS an artist. It does take talent to do what she does. Her stuff is not always my cup of tea, but when it is, it certainly is.
That said, having artistic talent does not mean one is also gifted with financial acument or even common sense.
Well, she IS an artist. It does take talent to do what she does. Her stuff is not always my cup of tea, but when it is, it certainly is.
That said, having artistic talent does not mean one is also gifted with financial acument or even common sense.
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