As first reported by Gawker, ACG alleges that Leibovitz -- famous for her portraiture for Vanity Fair (above) and Vogue -- has breached a contract to sell her photographs in order to pay back a $24 million debt she owes to the bank.
The photographer supposedly took out a total of $24 million in loans, with real estate (her homes in Greenwich Village and Rhinebeck, NY), as well as the negatives and rights to every photo she's taken or will take in the future as collateral.
In an agreement with ACG, Leibovitz allegedly agreed to either pay the debt back in cash (which she seems to have little of) or through selling her art and giving ACG the exclusive rights to set up the sale.
But ACG says the photographer isn't cooperating with the bank's attempts to sell her famed photos.
In the complaint, ACG points to Leibovitz' "dire financial condition arising from Leibovitz' mortgage obligations, tax liens and unpaid bills to service providers and other creditors." One of those creditors is a lighting company that filed complaint against her in May, claiming she owes them nearly $200,000.
Her name probably rings a bell (or strikes a nerve) if you weren't living under a rock last year when she received a ton of heat for the controversial VF photographs she took of Miley Cyrus wearing little more than a sheet.
The images also raised the question as to whether the underage star was pressured by the legendary lenswoman to pose in the provocative pics. The young starlet issued an apology and the magazine released a statement in response to the endless criticism.
Oh, Annie. What went wrong?