Debts close in on Leibovitz

NEW YORK (AP) – 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,” ACG spokesman Montieth Illingworth said 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 town houses, an upstate property and work. She bought two of the town houses 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,” lawyer Peter Stern said.