Annie Leibovitz at the Pawnshop...

[johnastovall]

"Last fall, Annie Leibovitz, the photographer, borrowed $5 million from a company called Art Capital Group. In December, she borrowed $10.5 million more from the same firm. As collateral, among other items, she used town houses she owns in Greenwich Village, a country house, and something else: the rights to all of her photographs...."

Full story...

[d2creative]

How bout a copy/paste for those of us without subscriptions?
Puhleeaase?

[z-monster]

Her copyrights basically got her a loan?

[johnastovall]

Originally Posted by d2creative

How bout a copy/paste for those of us without subscriptions?
Puhleeaase?

Subscription is free. But go here and try the embedded Link.

[dbphotos]

Bug Me Not

http://www.bugmenot.com/view/nytimes.com

[epoh]

Wow... that just seems incredibly risky, and for what? She says to pay off mortgages? Why not just sell one or more of the homes?

[dbphotos]

She should just ask for a bail out.

On a serious side, it seems a little crazy to borrow money against rights to pay off a mortgage. Maybe she has some wild adjustable rate mortgage. Based on some of her previuos work, she doesn't always have the best decision making skills.

[jeffkohn]

Interesting loan terms. According to that article she has pawned the rights not only to all of her existing work, but to any future work she produces during the loan period.

[gtakacs]

This just blows my mind. Borrowing $15M? For what? If I had $15M I'd never work a minute more in my life. But let's think about it for a second. The article says these hacks are lending out money at 6%-16% rate.

On $15M the interest alone is $75K-$200K a MONTH! She must be really really good to make that kind of money. This is a typical case of spending more than what you earn. It seems like this problem hits hard across all income levels.

No offense but I hope she loses it all...

[Concisus Cognatus]

Originally Posted by gtakacs

No offense but I hope she loses it all...

Wow, ,

[Tom]

She must be really really good to make that kind of money.

Have you never heard of Annie Leibovitz?

[JohnT]

Originally Posted by gtakacs

No offense but I hope she loses it all...

You know, that's really cold. I'd never wish that on anyone unless he/she was a thief or a swindler.

[gtakacs]

Originally Posted by Thomas Campbell

Have you never heard of Annie Leibovitz?

Oh I have! That is not the problem. The problem is her "mere" $2M annual earnings on which she decided to take out a loan that requires $900K-$2.4M in interest payments.

gtakacs added 1 Minutes and 27 Seconds later...Double Post Merged Below

Originally Posted by JohnT

You know, that's really cold. I'd never wish that on anyone unless he/she was a thief or a swindler.

Or a deadbeat...

[AndrewCCM]

Originally Posted by JohnT

You know, that's really cold. I'd never wish that on anyone unless he/she was a thief or a swindler.

I have read that she owes quite a few contractors money from prior shoots... whether that is true or not who knows???

EDIT: See above...

[Cajungaltx]

Originally Posted by JohnT

You know, that's really cold. I'd never wish that on anyone unless he/she was a thief or a swindler.

Actually - I get his point.

And it's part of the reason our country is in this craphole situation to begin with.

People don't live within their means, and when they get into trouble, they think they can 'borrow' their way out of debt... and it doesn't work so well.

She's obviously an idiot.