Now What?

Annie Leibovitz's Ongoing Saga

Photographer Annie Leibovitz has snapped some of the most iconic images in American culture, from a pregnant nude Demi Moore to Miley Cyrus in nothing but a sheet. So why is she $24 million in debt? According to Andrew Goldman's profile of the celebrity photographer in New York magazine, Leibovitz just couldn't live within her means. She did expensive renovations on her homes and took out $15 million in mortgages on them. Her expenses also included a Range Rover, trips to Paris, a chef and housekeeper, personal yoga instructor, terrace gardener, and live-in nanny. She failed to pay $92,000 in property taxes on one of her houses—and reimbursement payments that Condé Nast gave her to pay for vendors who helped her on shoots never made it out the door. A lighting specialist and clothing stylist sued her for a combined $606,000. In order to pay for it all, Leibovitz essentially pawned her work and some of the rights to her collection to Art Capital for a whopping $24 million—and the one-year term of the loan will be up in September. If she can't pay the bill, the company may go after her homes, and her catalog of past and future copyrights.