Leibovitz Loan Fiasco

Annie Leibovitz is reportedly in talks with her creditors to work out repayment of a $24 million loan that was due Sept. 8 and is secured by the copyright on her extensive photo legacy and several homes.

The renowned Vanity Faire and Vogue photographer secured the loan from Art Capital Group last September reportedly to cover debt stemming from tax liens, mortgages and unpaid bills, according to Bloomberg News. Art Capital Group claims Leibovitz reneged on paying “hundreds of thousands of dollars” in invoices and refused to allow real estate agents access to her properties.

The company filed a lawsuit against Leibovitz July 30 claiming breach of contract and seeking to force the sale of photos and real estate holdings to reclaim the debt.

Leibovitz could file for bankruptcy, which would stall Art Capital Group from gaining ownership of her work and property, according to the News.

Leibovitz’s spokesman, Matthew Hiltzik, previously told the news service via e-mail that Art Capitol Group’s claims are false and merely “ harassment and attention-getting efforts.”

A New York judge gave the photographer until Oct. 1 to respond to the lawsuit and scheduled a hearing Oct. 2.

However, this isn’t the only lawsuit Leibovitz and her reps need to sort out.

Photographer Paolo Pizzetti of Siena, Italy, is suing Leibovitz in U.S. District Court in New York for allegedly misappropriating some of his photos and using them in an ad campaign.

Pizzetti is reportedly seeking a court order to stop the use of his photos, $150,000 per infringement and other unspecified damages, the News said.