Renowned photographer Annie Leibovitz is proving her resilience by averting a multi-million dollar loan crisis, or at least prolonging the situation enough for her to get some sturdy ground and attempt to repay the loan. Unfortunately for Leibovitz, the extension cost her an additional $6 million, on top of the $24 million she already owed.
Annie Leibovitz has worked extremely hard to build a name for herself as a photographer and now, as one of the most famous photographer’s in the world, she is inching closer to losing everything. She was sued for failing to pay back a $24 million loan that was extended to her by Art Capital, which had taken all of her real estate holdings in addition to the rights of her photos as collateral. Luckily, Leibovitz was able to reach a settlement at the last minute, but, of course, there were strings attached.
As a part of the deal Leibovitz struck, the amount that she owes to Art Capital has increased to $30 million which she will have to pay in full by next summer. If raising $24 million seemed difficult, now Leibovitz really has to dig deep and get creative. It’s reported that she has resorted to selling limited-edition “Master Sets” of 157 of her most famous photos for $3.5 million per set, or $30,000 per print. She is also in discussions to write another book.
Despite the fact that those prints could cash in a pretty penny, and another book certainly couldn’t do any harm, Leibovitz may have to resort to something slightly more dramatic in order to guarantee she has that $30 million ready by next summer. Time’s ticking.
Annie Leibovitz has photographed people such as Angelina Jolie, Tina Fey, Demi Moore, John Lenon, Whoopi Goldberg, and many more.