No one is immune in this credit crunch. So, when we read that Annie Leibovitz, one of the most famous photographers in the world pawned the rights to her even more famous photographs, it had us clutching our imaginary pearls! (If you don't know who she is, shame on you. Kidding. But, she was one who took that much-talk-about partially nude photo of Miley Cyrus.)
According to the NY Times, Leibovitz took out more than $15 million in loans from Art Capital Group, which in that circle, is a very high-end pawn shop specializing in art. The company issues loans of $500,000 or more at interest rates from 6 percent to 16 percent!!!
For her $5 million loan, Ms. Leibovitz put up as collateral a country house in Rhinebeck, N.Y., three town houses in Greenwich Village and all “copyrights ... photographic negatives ... contract rights” existing or to be created in the future, according to a loan document filed with the City Register’s Office in December. That month, Art Capital granted her an additional $10.5 million loan, which was to consolidate the existing mortgages on her homes, according to loan documents.
Ms. Leibovitz appears to have experienced financial challenges in recent years, facing a lengthy, costly and litigious renovation on the three adjoining town houses, federal and state tax liens of more than $1.4 million — which appear to have been paid back — and lawsuits from a lighting company and a stylist she had hired, asking for a total of more than $700,000.
We are gagging!
[ check out some of her famous photos after the jump. ]
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