Leibovitz Sued Over $24M Loan

By Mary Papenfuss,  Newser Staff
Posted Jul 31, 2009 2:34 AM CDT
Leibovitz Sued Over $24M Loan
Michelle Obama is one of hundreds of famous people photographed by Annie Leibovitz.    (AP Photo/Annie Leibovitz / Vogue)

A financial firm is suing Vanity Fair photographer Annie Leibovitz for failing to cooperate to repay a $24 million loan, reports the Telegraph. Leibovitz last year put up her photographs and two homes as collateral for the money to pay off debts. But now Art Capital Group said the 59-year-old photographer is engaging in "boldly deceptive" conduct to dodge selling some of that property to begin repaying the debt.

Leibovitz "acknowledged" that some of her "art, intellectual property and real estate assets" would have to be sold," but is refusing to meet with real estate agents or buyers interested in purchasing her photos, according to the suit filed in New York State Supreme Court. Leibovitz's attorney has not yet responded to the suit.
(More debt stories.)

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