Annie Leibovitz's Big Money Pit

Annie Leibovitz has been facing serious financial problems for a number of months now. But things took a turn for the worse last week when Leibovitz was served with a suit by the financial firm that lent her $24 million earlier this year, and she now faces the grim prospect she'll eventually have to relinquish control of her real estate holdings and the rights to her archive of photographs. The big, unanswered question, though, is where, exactly, all the money went. On top of the $24 million she borrowed from Art Capital Group, she takes home an estimated $2 million-a-year salary from Condé Nast, and collects millions for her advertising work. Is she just really bad at managing her money? Or is it something else? Bloomberg News' Katya Kazakina, who suggests Leibovitz might be better off filing for bankruptcy rather than fight her creditors in court, looks into another possible money pit.

It could be the fault of Leibovitz's kids!

Additionally, personal issues may have increased Leibovitz's debt load. Eight years ago, Leibovitz gave birth to her first child, Sarah. She also has twins, Susan and Samuelle, who were born to a surrogate in 2005...
The entire surrogacy process, including medical procedures, insurance and legal fees, can total $100,000 to $125,000, according to Sanford Benardo, president of the Northeast Assisted Fertility Group, a surrogacy and egg-donation program. A surrogate mother's fee of $25,000 to $30,000 is part of that sum, he said. Prices for an egg donor cycle that includes in vitro fertilization range from $20,000 to $30,000...

If she'd never insisted on having those darn rugrats, she'd be sitting pretty now! Naturally. We all better hope the Sex and the City sequel is a huge hit at the box office. We can't even begin to imagine what will happen to Sarah Jessica Parker and Matthew Broderick if it isn't.

Leibovitz May Have Better Luck in Bankruptcy Court [Bloomberg]
Did Condé Nast Call In Its Sweetheart Loan to
Annie Leibovitz? [Gawker]