has some new facts in the continuing saga of Annie Leibovitz and Art Capital Group: the amount that Leibovitz owes Art Capital has now ballooned to $30 million (the original loan, taken out in September 2008, was for $24 million); and the maturity date on the loan has now been extended only to “next summer”:
A mortgage filed with New York City in October notes, partially in capital letters, the urgency and complexity of the agreements between Ms. Leibovitz and Art Capital: “TIME IS OF THE ESSENCE with respect to each and every covenant, agreement, and obligation of mortgagors under this mortgage, the secured loan agreement and any and all of the other loan documents.”
Leibovitz does seem to be making good-faith efforts to make as much money as she can: she’s reportedly sold two “Master Sets” of 157 prints at $2.5 million apiece (she’s using Lawrence Schiller to broker those deals, which worries Marion Maneker), and she’s talking to Benedikt Taschen about a book deal. But it seems unlikely that she’s going to be able to raise $30 million in less than a year — and it seems even less likely that she’s going to be able to refinance into the bond market.
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