Famed celebrity photographer Annie Leibovitz has been threatened with the prospect of losing all rights to her entire catalog if she fails to pay back a $24 million loan today. Leibovitz, 59, offered up the catalog and all her properties as collateral for the loan, which was required to settle multiple mounting debts. Basically Leibovitz bought a lot of real estate, failed to pay multiple vendors and tax obligations, and got in way over her financial head. The lender, Art Capital, says Leibovitz must pay up today or lose rights to all the photos she’s ever taken, along with all rights to all photos she’ll take for the rest of her life. Her work is easily the most well known among modern celebrity photographs and includes the iconic photo of a naked John Lennon snuggling with Yoko Ono for the cover of Rolling Stone and the naked photo of a pregnant Demi Moore for the cover of Vanity Fair. It is widely expected that Leibovitz will file for bankruptcy in a bid to keep her catalog. The Associated Press reports that the lender is calling in the loan because Leibovitz failed to work with them to license some photos and appraise her property:

Annie Leibovitz’s artsy, provocative portraits of celebrities regularly grace the covers of Vanity Fair and Vogue, images that have made her as famous as her subjects and earned her millions.

Now Leibovitz risks losing the copyright to the images – and her entire life’s work – if she doesn’t pay back a $24 million loan by Tuesday. Art Capital Group, a New York company that issues short-term loans against fine and decorative arts and real estate, sued her in late July for breach of contract.

“We have clear contractual rights and will protect them in any scenario,” said ACG spokesman Montieth Illingworth on Friday. “Our preference is for this to be resolved.”

Some experts say filing for bankruptcy reorganization could be the best option for Leibovitz, 59, who has put up as collateral her three historic Greenwich Village townhouses, an upstate property and work. She bought two of the townhouses in 2002, embarking on extensive renovations to combine them into one property. That spurred protests from historic preservationists and a $15 million lawsuit by a neighbor.

“Based on the magnitude of her obligations and the facts as they are publicly known, that would be the best option,” said art lawyer Peter Stern.

Leibovitz’s images of musicians, presidents and Hollywood glitterati are cultural touchstones. One of her earliest photos is of John Lennon curled up naked in a fetal position with Yoko Ono, taken just hours before he was assassinated in 1980.

So to many, her decision to gamble the rights to her work seems inexplicable. “Jaw-dropping,” Stern said.

Her editorial agent, Contact Press Images, has declined to comment on the case, saying it is a private matter.

Her spokesman, Matthew Hiltzik, has accused ACG of harassment.

“There has been tension and dispute since the beginning … For now, her attention remains on her photography and on continuing to organize her finances,” Hiltzik said.

A reorganization filing would suspend all litigation against Leibovitz and place her finances under the protection of a federal judge, said bankruptcy lawyer Paul Silverman, who works with Stern. Neither attorney is involved in the case.

Last year, Leibovitz put up her homes and the copyright to every picture she has ever taken – or will take – as collateral to secure the loan to pay off her mounting debt: unpaid bills, mortgage payments and tax liens, ACG said.

While no one has suggested publicly how Leibovitz got into such desperate financial straits, the mortgage debt on all her properties – including the townhouses in Greenwich Village and a sprawling estate in Rhinebeck, N.Y. – totaled about $15 million. This includes the $1.2 million loan she took out on two of the townhouses, and another $2.2 million three years later, according to New York magazine.

In addition to her mortgages, court records show that she piled up years of federal, state and city liens and judgments from vendors for unpaid bills – all presumably now satisfied with the $24 million she borrowed. Federal records show that Leibovitz owed a total of $2.1 million in unpaid taxes for tax years 2004, 2006 and 2007. She also had New York state tax liens of $247,980 for six years, including $135,915 in 2007. And she owed New York City several thousand dollars for three years.

In 2008, a design firm that did work on one of her Greenwich Village properties claimed that she owed it $51,000. Leibovitz was also accused that year of refusing to pay $386,000 to a photo stylist during a 2007 shoot Leibovitz did for the Disney Company in 2007.

Her spokesman, Hiltzik, declined Thursday to discuss her finances.

“Annie is working to resolve the situation so it would be inappropriate to comment,” Hiltzik said.

Art Capital Group, which consolidated all her loans in September 2008, charged in its lawsuit that Leibovitz breached the contract by refusing to allow real estate experts into her homes to appraise their value and by blocking ACG from selling her photographs.

[AP via The Huffington Post]

Lender Art Capital Group is a high end pawn shop that accepts art and valuables in exchange for loans. Owner Ian Peck says that they aim to “avoid defaulting at all costs. Given the trouble involved in a default, it’s better karma and business not to.” The AP reports that the owner’s assurances probably aren’t true at all. “Just like pawn shops, [Art Capital Group] is just as happy to see a default, according to art and money experts.” Do you think they looked for an excuse to latch on to Leibovitz’s valuable catalog? They did loan her $25 million, but are likely to see quite a profit if they’re successful in obtaining the rights to all her photos. She may try to thwart them with a bankruptcy claim, and this matter is likely to end up in the courts for years. It’s kind of mind boggling to see how super rich people can have such massive money problems.

Annie Leibovitz is shown on 6/18/09 at the opening of “Annie Leibovitz: a photographer life. 1990-2005″ in Madrid. Credit: WENN.com

More details are emerging about the way that Miley Cyrus was persuaded to pose backless and covered in a sheet for famed celebrity photographer Annie Leibovitz in a series of photos to be published in the June issue of Vanity Fair, which is out tomorrow and features Robert F Kennedy on the cover. A spokesperson for the magazine claimed that Miley’s “parents and/or minders were on the set all day” and implied that they approved all the photos before they were published, but both Disney and Miley’s people claim that’s not how it happened.

Disney says Miley was manipulated; her dad says he wasn’t on the set at that point and didn’t see those photos
When the Disney Channel issued a statement that “a situation was created to deliberately manipulate a 15-year-old in order to sell magazines,” I assumed they were overstating their case in an attempt to do damage control, but new details make it seem as if that’s exactly what happened.

Miley’s reps say that her parents weren’t on the set at the time that the controversial backless photos were taken. Her grandmother and teacher were there and were convinced that it would be ok.

“Miley’s parents did leave the shoot and were not present for the final shot, nor did they see any digital images of the shot in question,” a Miley spokeswoman told The Post yesterday.

Her grandmother and her teacher were left to supervise, according to People magazine.

“Annie convinced them it was going to be artistic,” a source told People. “Her parents are mortified.”

[From The NY Post]

Leibovitz convinced Miley to take those photos after her parents left
Leibovitz explained how the photos came about, saying “Miley and I looked at fashion photographs together, and we discussed the picture in that context before we shot it. The photograph is a simple, classic portrait, shot with very little makeup, and I think it is very beautiful.”

In the article accompanying the pictures, Miley says that it was hard to refuse the photographer’s request. She called the photo “really artsy,” but not “in a skanky way,” and said “You can’t say no to Annie. She’s so cute. She gets this puppy-dog look, and you’re like, OK.” [NY Post]

Given the news that Miley’s parents had left at that point, you can’t help but think that Liebovitz knew exactly what she was doing. I personally don’t find the photos all that revealing or sexy, but Miley’s target audience are young kids and a lot of people say she’s sending the wrong message with those pictures. Her whole image as a wholesome Christian teen star is threatened by this mini-scandal, and rumor has it that Disney plans to keep her out of the spotlight for a while until the story dies down. Meanwhile Miley’s dad Billy Ray is said to be “furious” that the photos were taken and never shown to him or his wife before they were published. He is said to have left early on the day of the shoot due to “a prior commitment.”

Here’s a behind the scenes video from Vanity Fair’s website:

In Tuesday’s new issue of Vanity Fair, famed photographer Annie Leibowitz captures a photo shoot of some of entertainment’s funny women dressed as Hollywood’s most troubled starlets. The shoot is part of a story in VF about the rise of female comedians like Tina Fey and Sarah Silverman.

The ladies channel pop tarts for the photog (it’s doubtless Amy Winehouse ever got a laugh for political parody). Sarah does her best Amy, complete with pinup-girl tattoos, The Office sweetheart Jenna Fischer goes Lindsay Lohan (center) and Wanda Sykes gets nasty as Lil Kim (right).

“There is no question that there are a million more funny women than there used to be,” writer Nora Ephron says of the featured femmes, also including E!’s Chelsea Handler (second from left) and Sandra Bernhard (left).

Alessandra Stanley’s cover story explores the recent inundation of female-driven comedy that, while capturing mass audiences (good move on f***ing Matt Damon, Sarah), relies heavily on sex appeal.

30 Rock creator Tina thinks you can thank Jennifer Aniston for that.

“In the ’90s, it seemed like every person on a sitcom — think of the cast of Friends —was just really foxy,” Tina says.

Joan Rivers echoes the sentiments.

“Nowadays, you can’t even get on open mike with less than a C cup,” the Botoxed comedy vet said.

The issue, C cups and all, hits newsstands nationwide next Tuesday.

[From Page Six]

Jenna Fischer, who plays Pam on “The Office,” says the idea of playing Lindsay Lohan in a photo shoot with Annie Leibovitz was such a source of stress and excitement, she had trouble sleeping the night before the shoot.

Turns out Jenna, 33, was more concerned with impressing the legendary photographer shooting her than with La Lohan.

“I couldn’t sleep the night before the shoot because I was so nervous to be shot by Annie Leibovitz. As a result I would sit and stare off into space when she was focusing on the other girls,” Jenna tells PageSix.com.

And about Lindsay?

“Then all of a sudden I’d hear Annie say, ‘That’s perfect, Jenna!’ and she’d be clicking away,” the actress says. “I guess for me, channeling Lindsay meant not getting enough sleep.”

[From Page Six]

I think it’s great that female comic actors are getting some much deserved attention, but it is ironic that the girls they’re lampooning in the shoot get more attention for their drug-addled, cooch-flashing antics, though. Tina Fey has more talent in her pinky finger than Blohan, Paris and Britney put together, if you ask me.

Pictures from Vanity Fair via ONTD.

Annie Leibovitz has shot another series of celebrity advertisements for the Disney Parks. Her last set of images drew praise for the creative way it brought Disney fantasy to life. Scarlet Johansson was Cinderella fleeing the ball in a flowing gown, David Beckham was Prince Phillip on his bucking steed, and Beyonce, Lyle Lovett and Oliver Pratt were Alice, the Mad Hatter and the The March Hare sitting on the famed teacups.

The latest photos are equally impressive. Rachel Weisz is a lovely Snow White in congress with the birds and animals, Julie Andrews and Abigail Breslin are fairies, and tennis great Roger Federer is King Arthur removing the sword from the stone.

My son hasn’t gone to Disney World yet, but if grandma has her way he will soon. It’s a fun, extremely well-crafted amusement park, but it’s still a pain in the ass dragging your kid around for an entire day, waiting in line, and walking everywhere. You can put celebrities in perfect costumes and add wind and props and it does evoke a feeling of other-worldliness and relaxation. These photos are beautiful, but if I want a fantasy experience I know I should be going to the spa, not to an amusement park with my family.

Here are the latest advertisements, which will run in US magazines in December. Rachel Weisz and Roger Federer are also shown on set. Thanks to The Daily Mail via ONTD for these photos.