Subscribe"For days, a crew had been digging below the townhouses to build the sub-basement. The ground beneath the buildings had actually been underwater until 1820, when landfill turned what had been the Hudson River into buildable land west of Hudson Street. In the midst of the excavation, the wall Leibovitz’s building shared with the little trapezoidal building at 311 West 11th Street groaned and sank several inches. The wall separated from the floors, leaving a gaping hole. Fire trucks encircled the scene, and Con Ed workers raced to locate and repair a burst gas line. Insurance covered much of the damage, but the young family next door, whose home was immediately condemned, sued Leibovitz. Under a settlement the parties reached in 2003, Leibovitz would have to purchase their home for $1.87 million."
"When the state of Leibovitz’s finances later became public, outlets like Salon trumpeted the 'gay tax' theory, the idea that Leibovitz’s finances had been depleted by the taxes she’d had to pay on her inheritance from Sontag. That wasn’t true. With the exception of four items of only sentimental value, the bulk of Sontag’s estate went to David Rieff, Sontag’s only child. Leibovitz’s relationship with Sontag was not mentioned in Sontag’s New York Times obituary, and Leibovitz did not speak at Sontag’s memorial service."
She had Wesley Snipes' accountant.
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"She was said to earn a day rate of $250,000 just to set foot in a studio for an advertising job for clients like Louis Vuitton."
"She was said to earn a day rate of $250,000 just to set foot in a studio for an advertising job for clients like Louis Vuitton.""
The rumored $250,000 day rate to do an advertising job also appears to have been greatly exaggerated. “It’s not half that,” says a source with direct knowledge of Leibovitz’s finances.
I believe she used the copyright on her photographs as collateral for a loan, so a very talented artist may lose control of her work.I get the impression that lots of banks come to artists offering to loan them millions and asking for their intellectual property as collateral because the banks know that the borrowers will have a high probability of defaulting. The banks don't want to collect the interest on the loan: they want to foreclose on the loan and take possession of the collateral.
"The deadline to pay back the [$24 million] loan is 11:59 p.m. Tuesday [today, September 8]. It's unclear what will happen if the deadline passes without the loan being repaid.
Neither side would say Tuesday whether they were meeting or if an agreement was possible. Representatives for both Leibovitz and the art lending company had made no public statements by the afternoon." *
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posted by Tomorrowful at 11:10 AM on August 19 [15 favorites]