annie leibovitz with nude demi moore portrait

Photographer Annie Leibovitz with her famous photo of a pregnant and naked Demi Moore. (It ran on Vanity Fair's August 1991 cover.) Photo: AFP/Getty Images

As we reported previously, photographer Annie Leibovitz -- the photographer responsible for capturing a provocative 15-year-old Miley Cyrus wrapped in a sheet and a naked and pregnant Demi Moore (shown right) -- is in serious financial hot water due to mounting debt.

Now, Leibovitz might lose the copyrights to her famous images -- including John Lennon and Yoko Ono curled up together hours before Lennon's assassination -- if she doesn't pay off her $24 million debt to Art Capital Group (ACG), a sort of luxury pawn shop, by Tuesday, the AP reports.

This would be a tremendous loss, since every time a photographer's photo is used he/she receives royalties -- no drop in the bucket when you're talking John Lennon's last photo shoot and a naked and pregnant Demi Moore!

Leibovitz has taken out loans from ACG (starting September of last year) totaling a whopping $24 million, using the rights to her photographs as well as her real estate -- she owns three historic townhouses in New York City's prestigious and historic Greenwich Village and a sprawling estate in Rhinebeck, NY -- as collateral.

Since none of the $24 million has been paid back, the company is ready to collect Leibovitz's assets as stated in their binding contract.

Just how did Leibovitz get into this mess of debt in the first place?

Some of it stems from unpaid vendors who have worked on her elaborate sets, including one lighting company that claims the photographer still owes them nearly $200,000, while a photo stylist says Leibovitz hasn't paid up the $386,000 owed for a 2007 Disney campaign featuring Beyoncé, David Beckham and Scarlett Johansson as famed characters, according to the AP.

Leibovitz has $2.1 million in unpaid New York State taxes and $15 million in mortgage debt among other financial woes, the source adds.

Experts say that Leibovitz's best bet might be to file for bankruptcy, which will give her time to figure out which assets need to be sold and which she can keep.

It seems that the holiday weekend will be anything but relaxing for the famed photographer.

To see how much a photograph (namely a nude Carla Bruni) can be worth, click here.