Annie Leibovitz money crisis gets worse!

The Annie Leibovitz story that has roots dating back to 2004 took on new dimensions with more filings and lawsuits this past Friday, April 2, 2010.

Buried in the 'dirty details' of the recent round of filings is her debt load has now soared to the $40 Million dollar range. This in a rather short time after her latest refinancing attempts with multiple creditors and transferring the main debt from one creditor to another in just the past month. A growing list of financial creditors have claims ranging from 'just' a few hundred thousand dollars to the tens of millions widely reported.

Compounding the issue is whether or not her life work has the value it once did and whether she, Leibovitz, will continue to produce any more extraordinary product in the future. Lots of unknowns and too many people and institutions involved in the negotiations for a reasonable outcome at the moment. She also faces other lawsuits which have sullied her reputation in regards to her professional behavior.

A.L. it appears has attempted to cover her bet again on the basis of a $2 million dollar a year retainer/salary from Vanity Fair and other income. However, at this time her interest payments extrapolated from court filings seem to be around $4 million dollars a year. So right now she needs to make much more that $4M a year to keep above water and probably not touch the principle of the big original loan.

The problems started with A.L. mortgaging/leveraging/licensing/pawning her life's work to cover her debts. (see article link for background). This trend as reported in a New York Time's article from February 23, 2009 (link) provides artists and owners of important works of art to monetize their property in the form of a loan. The collateral is the artwork and rights to it. There is a gamble when pawning like this if the cash flow doesn't return to pay off the debt. The art property may be gone forever with no additional compensation.

Leibovitz's work, whether or not one is a fan, has been impressive and set a standard for over a quarter of a century. The most intriguing details of this fascinating story are probably still hidden in court documents. It is, nonetheless, a 'horror show'.

Several links to past Photography Review(PR) forum posts and to external articles and source on this continuing saga -

History & Background of the Annie Leibovitz Finances Saga

Pawning your artwork - from February 2009 at PR
Margin Call Annie Leibovitz - from August 2009 at PR

That Old Master? It's at the Pawnshop - February 2009 New York Times
Photographer Annie Leibovitz, overexposed, is forced to sell her life's work - Feb 2009 from WalletPop
Photographer Leibovitz sued for breach of Contract - July 2009 Reuters
Annie Leibovitz, photographer of stars, faces ruin - Aug 2009 AFP
Pizetti and the Lavazza Scandal - September 2009. One of many other lawsuits she has faced recently.

Current Stories
Leibovitz accused anew of not paying her bills April 6, 2010 My Way News
What Happens When the Annie Leibovitz Debt Bubble Bursts? - April 6, 2010 PDNPulse from Photo District News Online.

This continues to be an incredibly sad story.

Some might call it "karma."

It is sad but she made her money the old fashion way and climbed to the top of her profession where few in the business goes. There are a lot of us out there right now struggling now including myself. But I feel I live in the land of opportunity and as soon as this old body heals I intend to climb back up. She can do it too if she sets her mind to it.