It must be awesome to be the world’s most-famous lesbian photographer, right? Not if you are Annie Leibovitz, who’s about to see her entire fortune ransacked by her creditors.
To help pay the mortgages on her New York City townhouse and upstate New York home, plus the estate taxes when purportedly inheriting the assets from late partner Susan Sontag, Leibs was up to her eyeballs in unpaid debts (to photo freelancers) and taxes (liens galore). Then along came Art Capital Group, which lent her $24 million over the years to pay her bills. As collateral, the photog — responsible for that terrible Gisele cover and that Disney campaign — offered up her homes and every photo she has ever taken.
With the latest one-year loan maturing, and the debt still unpaid, Art Capital Group wants to know WTF is up with Leibovitz. Her creditor says she’s been involved in “boldly deceptive conduct” to keep Art Capital at bay, so now it’s suing her to gain entrance to her home to create a giant list of everything she owns — so they can begin selling it off.
And ya know who’s to blame for all of this? Well, maybe Leibovitz, who obviously took on a debt agreement that she could never afford to pay back on time. But also: the government! As we’ve noted before, if estate inheritance laws were equal for gays, Leibovitz wouldn’t be subject to something like 50 percent of the value of Sontag’s estate. If the pair had been able to legally marry in New York? Liebowitz would’ve had to pay $0 to get Sontag’s stuff.
How about we take this to the next level?
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Mikey
Susan Sontag’s estate went almost entirely to her son and to her foundation. It’s public record that Leibovitz only got a few items of sentimental value. Annie’s in trouble because of her Michael Jackson-sized spending habit.
Fitz
If only she hadn’t spent all her money tricking her body into having babies at 87 years old.
Dave
Although it is an issue that homosexual’s are discriminated against with tax laws regarding a situation like this, I do beleive Leibovitz is mostly responsible for her situation. She was already quite the money maker before Susan’s death and although not fair, she could have easily paid the taxes on the inheritance. I concur with Mikey on this one.
Pat
Leave this man alone!
Fitz
@Dave: And homosexuals whose IQ is above the ambient room temperature can make legal plans to protect each other, to a large degree.
Andrew
@Fitz:
“And homosexuals whose IQ is above the ambient room temperature can make legal plans to protect each other, to a large degree.”
As a trust and estate lawyer, I can tell you this is absolutely not true. It’s a fairly common misconception, but it’s not true. And, for gay couples (and individuals) comprehensive planning is even more important given unequal treatment under federal and state tax and estate laws. Let alone post-death family disputes and power-grabs. It’s sad, but it happens fairly frequently that a lack of planning leaves the surviving partner/children with a mess.
Fitz
@Andrew: But you contradict yourself. You say: comprehensive planning is essential. Then you say that planning is not possible. I agree that we get royally screwed. My partner and I have spent WAY more money on this than a comparative income level straight couple. And we will STILL get screwed in a lot of ways, but planning does allow for harm reduction.
Fitz
PPS: as much as I HATE NCLR’s bumbling of the prop 8 issue, they offer a nice couple’s pack for getting estate stuff started.
Andrew
@Fitz:
I see — I think I may have misunderstood your original post. I thought you were suggesting that the average person or couple out there can create an estate plan and protect themselves without the advice of an estate lawyer. (e.g., downloading some template from the web, etc.) Comprehensive, and effective, estate planning is possible and can protect gay couples from the tax and other problems that arise.
Drew
Annie will be fine. She still has a lot of work and even better lots of rich friends!
D.B.
This post is inaccurate and should be edited or removed — Leibovitz did not inherit Sontag’s estate. Sontag’s son inherited most everything. Leibovitz and Sontag had already split up at the time of her death, and Annie only received a few small, personal items.
And you spelled Annie’s last name incorrectly in the last sentence of the post. Sorry, but I’m a stickler for things like that.
Marcus B
Is the best argument we can relaly post here for gay marriage the fact that it might help support the insane spending habits of irresponsible rich people? I’m still a little upset with Annie L. over her photos of Miley Cyrus, who seemed like such a sweet girl before then. Can’t we just let innocence be?
PJ
Your earlier post as well as this followup is based on wrong information.
Sontag’s son has said it is incorrect (try reading the NY Times article). Many people have stated that Leibovitz and Sontag weren’t a couple at her death, much less married or committed on that level for some time-they were on/off at best.
But whatever–her son received ALL of her estate, and her will only provided for Leibovitz to select “up to 4” items of a personal or sentimental nature.
The gay marriage issue is a real one but this is using the wrong poster girl, for sure. The idea that this fictional, au courant politically charged sob story was floated out there and taken as gospel truth when it in fact is untrue is pretty odd–who started it? Annie?
She’s been quoted as giving “I lost my spouse” as one reason she made the terrible financial pawnbroker loan deal with the lender that’s gotten her into trouble–FIVE YEARS after her EX-girlfriend’s death with, remember, NO inheritance taxes in sight for her to pay. Time for her to pull on her big-girl, 60-year old mommy pants and fess up to being an idiot with her money. Oh, and she routinely stiffs the “little people” gay & straight who actually NEED their paycheck to live, all the time. What a princess.
Cam
Annie and Susan never once admitted their relationship publically, they would never have done something so public as to marry or file for domestic partnership. Even if marriage was available I doubt she would have taken it. She made the financial bed. She shouldn’t have taken out 24 million dollars in loans. There is no way she is making anywhere near enough to ever pay that off.
youcanthandlethetruth
That chick has a face only a mother could love.
Becky/Allie
It seems we all can agree: Annie Leibovitz is a mediocre photographer, a scummy person, and a discredit to the lesbian community.
Deonte Harris
Why is all this hatred being heaped on this woman?She can’t help the way her genes defined her looks.I suspect vicious cattiness by the gay community.
getreal
@Deonte Harris: I agree show me a person posts viciously and I’ll show a deeply unhappy person who was probably bullied themselves.
schlukitz
@youcanthandlethetruth:
That chick has a face only a mother could love.
How very “Christian” of you. Two insults in one sentence.
Suppose she was YOUR mother? Would you still say that of her?
Comrade Obama
@schlukitz:
No, I would say, “Well, at least Grandma loves your face.”
schlukitz
@Comrade Obama:
Won any beauty contests of you own as of late?
Do submit pics.
I see the Joo
A jew partaking in boldly deceptive conduct? Say it isn’t so!