Photographer Leibovitz in debt row

US celebrity photographer running out of time to settle $24m dispute with loan firm.

    The lawsuit alleges Leibovitz refused to abide by the terms of a loan agreement [EPA] 

    Sales dispute

    To secure the loan, Leibovitz put up as security four properties in New York and the copyright to every picture she has taken, as well as those she will take in the future.

    The lending company say she sought the loan to deal with a "dire financial condition arising from her mortgage obligations, tax liens [interest] and unpaid bills to service providers and other creditors."

    But ACG said Leibovitz breached an agreement granting it the right to sell the security items before the loan was due to be repaid.

    The lawsuit alleges she did not allow estate agents into her homes to value them and refused to allow ACG to sell her photographs.

    Spokesman Montieth Illingworth said on Friday that ACG had "clear contractual rights and will protect them in any scenario".

    Estate valuation

    ACG said Leibovitz's body of work is worth about $40m, while estate agents say that the four properties put up as security are worth about the same sum.

    Illingworth said that the sales agreement with Leibovitz was intended to secure ACG 10 per cent commission on the sale of Leibovitz's real estate and 15 per cent on the sale of her portfolio.

    Leibovitz would keep the remainder from the sales, less the value of the original loan, interest and fees, Illingworth said.

    The photographer was accused last week by an Italian photographer in a Manhattan federal lawsuit of using his images in a calendar without his consent.

    Leibovitz has been one of the world's most revered photographers for the last 40 years.

    Her portraiture has featured on the covers of magazines Vanity Fair and Vogue and she has photographed John Lennon, Queen Elizabeth II and Tom Cruise.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    From Zimbabwe to England: A story of war, home and identity

    The country I saw as home, my parents saw as oppressors

    What happens when you reject the identity your parents fought for and embrace that of those they fought against?

    Becoming Ocean: When you and the world are drowning

    Becoming Ocean: When you and the world are drowning

    One woman shares the story of her life with polycystic kidney disease and sees parallels with the plight of the planet.

    The evening death came for me: My journey with PTSD

    The evening death came for me: My journey with PTSD

    On a gorgeous Florida evening, a truck crashed into me. As I lay in intensive care, I learned who had been driving it.