Ok, just kidding. Annie Leibovitz was never going to go debtor’s prison, but there is a chance that she could end up broke and lose her life’s work if she can’t pay back a loan to Art Capital Group.
But, perhaps ironically, she may be saved by real estate. According to Bloomberg (via Marion Maneker), she’s made big profits on her properties, and though her debts stand at around $23 milion, her property is worth up to $40 million, according to appraisers.
Among her properties:
In 1996, Leibovitz paid $2.3 million for 220 acres in the Hudson Valley hamlet of Rhinebeck, said appraiser Pete Hubbell, president of Hubbell Realty Services Inc. It was once part of the Astor family’s 3,500-acre estate, called Ferncliff. In 2002, Leibovitz paid $635,000 for an adjacent 7.8-acre parcel, the Dutchess County records show.
The property includes a pond, a mix of meadows and woodlands, stone barns and a former creamery. Others with homes in the area include financier George Soros, hotelier Andre Balazs, and Rolling Stone magazine’s publisher, Jann Wenner, Hubbell said.
It’s not just the property that has value, but architecture on the property, including a barn where Vincent Astor bred 375 angus bulls.
As for her Manhattan property, it sounds like it may fetch quite a bit:
Given the Leibovitz compound’s unique features, including one corner building, a courtyard and about 60 feet facing Greenwich Street, “a value of approximately $2,500 per square foot is plausible,” McCuen added.
With about 12,000 square feet among the three buildings, according to city records, the property could fetch from $24 million to $30 million.
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