In 2005, Annie Leibovitz borrowed $24 million, pledging her entire photographic library as collateral to repay the loan.
Unfortunately, Leibovitz's partner, Susan Sontag, died in 2005 as well as both of Leibovitz's parents, and in that same year, Leibovitz had twins via a surrogate. It's said that her personal hardships combined with business mismanagement and poor economic decisions are what caused financial difficulties.
The massive property renovation she partly took the loan out for, came with high costs, and Leibovitz, unable to pay sum back, has listed her $33 million NYC property for sale. Leibovitz, has settled with her creditors however, and her photo collection is no longer at risk.
Credit: Fame Pictures
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