Annie Leibovitz Faces Financial Ruin

Annie Leibovitz $24 million ACG due date came and wentAnnie Leibovitz’s $24 million debt was due Art Capital Group yesterday. Word is that the two sides are still talking.

The London Times reports that ADG has in storage thousands of images to Leibovitz’s most famous works, held as collateral against the loans the celebrity photographer has taken to maintain her lavish Modern lifestyle.

Without a settlement, Annie Leibovitz will not only lose the rights to her work but hew two townhomes in Greenwich Village and country house in upstate New York.

Multiple media are writing about Annie Leivotiz’s financial woes. The London Times lays out the details of the artist’s spending habits. Simply stated, $2 million a year wasn’t enough to finance her lifestyle.

The 59 year old Leibovitz is facing one of the most public financial failures in recent years.

Comfortable getting intimate with the rich and famous, Leibovitz’s work is always controversial, offering us a series of often confrontational, provocative images that help define international culture. ABC News highlights a selection of Annie Leibovitz’s most famous covers.

More reading: NYTimes Annie Leibovitz Faces a Loan Deadline

Vanity Fair Aug. 1991, A pregnant Demi Moore “breaks the mold of every stereotype of celebrity glamour”.