Annie Liebovitz has run into trouble again after Brunswick Capital Partners decided to sue the celebrity photographer for failing to pay at least $315,000 to the New York investment firm for her financing arrangement with private equity firm Colony Capital.
Brunswick entered into an agreement with Liebovitz and Colony that saw the photographer get financing for a debt pile that has mounted up over the last decade.
According to reports, Brunswick claims it worked “exhaustively” to obtain a list of lenders, which included Colony, in exchange for a $50,000 initial retainer and weekly $10,000 payments.
The Manhattan firm is now claiming it has not been compensated for its work and is owed a two per cent “success fee” for helping to arrange the financing deal with Colony, said to be worth $40m.
The renowned photographer enlisted Brunswick after falling behind on loan repayments to Art Capital, a specialist firm that helps art owners create liquidity from their art assets. Leibovitz had faced losing her three New York town houses and the rights to her portfolio of over 100,000 photographs after borrowing $24m from the art financier.
Under the terms of the arrangement with Colony, which came to light in February, the private equity firm has now become Leibovitz’s sole creditor, and will help to market her portfolio of photographs, which include the infamous Rolling Stone magazine cover featuring a naked John Lennon with Yoko Ono taken hours before his murder.
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