Annie Liebowitz, arguably today’s most famous living photographer, is in big financial trouble. She makes a 7-figure income as a staff photographer for Vanity Fair, and that doesn’t include the advertising and editorial work she does for other clients, but even all that cash may not leave her in good shape to repay a big debt:
On July 29, Ms. Leibovitz was sued in State Supreme Court for nonpayment by a company that had lent her $24 million, and which demanded access to her homes so it could begin the process of selling them to satisfy her debt. Ms. Leibovitz had taken out the loan last year, pledging as collateral properties in Greenwich Village and in Rhinebeck, N.Y., her negatives and the rights to her photographs. The lender, Art Capital Group, claims Ms. Leibovitz is behind on hundreds of thousands of dollars in unpaid fees associated with the loans.
The reason she needed that huge loan is a mystery, but speculation is that her partner, Susan Sontag, left her a large inheritance in her will for which she was taxed heavily.