Downward Mobility

Leibovitz Pawns Life's Work

Apparently, the rumors of Annie Leibovitz's financial troubles were true: The famous photographer, who has shot Queen Elizabeth, Demi Moore and Miley Cyrus, signed over copyrights, photographic negatives and contract rights existing now or in the future to a high-profile loan shark in order to secure a $5 million loan last fall and a $10.5 million loan in December. The Independent reports that the portraitist, whose clients have included Disney and Vanity Fair, will use part of the money to consolidate mortgages on her city homes. She's also grappling with the costs of her elaborate Manhattan studio, lawsuits brought against her by a lighting company and stylist for $700,000, and the expenses of raising her children after the death of her former partner Susan Sontag.