Annie Leibovitz Goes Into Fundraising Mode
Photographer Annie Leibovitz came close to losing everything this past fall when she was sued for failing to pay back the $24 million loan that had been extended to her by Art Capital, which had taken her real estate holdings and the rights to her photos as collateral. Leibovitz managed to avert crisis when she reached a settlement with the firm at the last minute. But she's not out of the woods yet. The Times reports today that as part of the deal, she now owes Art Capital $30 million, and she'll have to pay it back in full by next summer. Leibovitz has been looking to raise cash to pay off the debt in recent months. She's selling limited-edition prints and has been in discussions to write another book. She's also looked into offering bonds backed by her future earnings, something that David Bowie did a few years back. But it's unlikely those efforts will raise the millions she needs and chances are she'll need to take resort to more drastic measures over the coming months. What could that entail? A glimpse of Annie's future after the jump!
