Page last updated at 03:32 GMT, Wednesday, 9 September 2009 04:32 UK

Deadline for $24m Leibovitz loan


Deadline for photographer Leibovitz

US photographer Annie Leibovitz could lose the rights to her images if she does not pay back a $24m (£14.5m) loan.

Ms Leibovitz, 59, has made millions from her images of celebrities and world leaders.

But she has several large mortgages and recently faced a big lawsuit. She was given until Tuesday to repay the loan.

In 2008 she consolidated her debts with Art Capital Group using her work and properties as collateral. If she files for bankruptcy, she could lose both.

New York-based Art Capital Group, which issues loans against collateral of fine art and property, sued Ms Leibovitz in July for breach of contract.

It argued that the photographer breached the contract by refusing to allow real estate experts into her properties to appraise their value and also by blocking the firm from selling her photographs.

"We have clear contractual rights and will protect them in any scenario," ACG spokesman Montieth Illingworth was quoted as saying by the Associated Press last week.

"Our preference is for this to be resolved," the spokesman added.

Matthew Hiltzik, Ms Leibovitz's spokesman, said on Tuesday that the photographer was working to "resolve the situation".

But neither side would say whether they were meeting or if an agreement was possible.

Multimillion-dollar mortgages

Annie Leibovitz's most famous images include a photograph of John Lennon taken hours before he was assassinated, and a nude portrait of the pregnant actress Demi Moore for the cover of Vanity Fair magazine.

But the millions she has made from her work have been accompanied by a history of unpaid bills and taxes.

She has multimillion-dollar mortgages on properties she owns in New York.

And her plans to renovate three town houses in Manhattan's Greenwich Village landed her with a $15m (£9m) lawsuit from a neighbour.

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