Lawsuit could strip Annie Leibovitz’s photos’ rights?
August 24th, 2009 - 6:53 pm ICT by IBNSBy Sneha Verma
Aug 24 (IBNS) Celebrity photographer Annie Leibovitz is liable to lose the rights to her life’s work, if she winds up defaulting on a USD 24 million loan she received last year, it was learnt.
Art Capital Group, which loaned Leobovitz the amount, has sued the photographer claiming break of contract.
“On the heels of getting a lifetime achievement award from the International Center of Photography last May, Annie Leibovitz is in financial ruin with a debt of $24 million. If she is unable to pay off this hefty sum By September, she may lose some of her homes and the copyrights to her photos,” sources said.
The financing firm said she took out the loan to escape a mountain of past-due real estate bills and tax liens which arose at a time when Leibovitz’ savings and investment accounts were taking a hit from the financial meltdown.
Then lawsuit, filed Wednesday in Manhattan, State Supreme Court, says Leibovitz guaranteed the loan with the right to sell all of her photographs.
Art Capital could also take possession of Leobovitz’ three combined townhouses in Manhattan and a vacation house in upstate New York. Leibovitz contends the financing company’s lawsuit amounts to “continued harassment.”
Then lawsuit, filed Wednesday in Manhattan State Supreme Court, says Leibovitz guaranteed the loan with the right to sell all of her photographs.
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