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Latest update: 09/09/2009
- culture - debt - photography - USA
Photographer Leibovitz misses deadline to repay $24 million debt
Renowned photographer Annie Leibovitz (pictured) failed to meet a Tuesday deadline to repay a $24 million debt to the Art Capital Group or risk losing her life's work, which she pledged as collateral for a loan, along with several luxury properties.
AFP - Renowned celebrity photographer Annie Leibovitz faced a deadline Tuesday to repay a 24-million-dollar debt or risk losing her life's work.
There was no immediate word whether the snapper of the stars would pay, while her creditors, Art Capital Group, also refused to comment.
"We don't have any statements at this time. That may change," Art Capital representative Montieth Illingworth told AFP.
Leibovitz owes the lending agency 24 million dollars. She pledged her catalogue and string of luxury properties as collateral.
If she cannot work out a deal with Art Capital, Leibovitz may file for bankruptcy, which would protect her assets until a court decides how to proceed.
Leibovitz's career has few parallels. Her famous shoots include a portrait of a nude John Lennon hugging his wife Yoko Ono -- taken hours before the Beatle was murdered -- nude and pregnant actress Demi Moore, and portraits of Queen Elizabeth II.
For decades Leibovitz, 59, shot cover photos for Rolling Stone, Vanity Fair and Vogue magazines.
Last week she came under fresh financial pressure when an Italian photographer sued her for allegedly stealing images he took.
Paolo Pizzetti sued Leibovitz in federal court in Manhattan, alleging she took material he shot at sites in Rome and Venice for her own use in an advertising campaign.
He is seeking a halt to use of the images and compensation of 150,000 dollars for each alleged infringement.




























