Video 1

Welcome to our boob of the week. The segment where we profile people for blunders beyond belief. This week’s target Annie Lieberwitz. She’s the most successful and wealthiest photographer in history yet she somehow managed to rack up a $24 million debt with New York lending company Art Capital Group. The firm launched a breach of contract lawsuit against her in July and it doesn’t look like she can pay the loan back because she just missed the deadline. Now her life’s work and legacy are in jeopardy. So you’re probably wondering how did this happen? Well last year Lieberwitz went to our capital saying she needed a loan to help her deal with a “dire financial condition” linked to neglected mortgage and tax payments. Art Capital specializes in lending money with art and real estate as collateral. Sort of like a high end pawn shop. They lent her the $24 millions and Lieberwitz put up the rights to her complete works along with some posh property in New York’s Greenwich Village and a 228 acre ranch. The property alone is estimated to be worth $40 million. The photographs another $50 million. In case you’re unfamiliar, this is the woman whose portfolio includes the iconic photos of John Lennon on his last living day. The portrait of Demi Moore while pregnant and other famous shoots with everyone from Keith Richards to the Queen of England. Lieberwitz worked with and helped define the careers of almost every significant cultural figure of the past 30 years and became the highest paid in the biz while doing it but she was renowned as a perfectionist whose lavish photo shoots would routinely wind up way over budget. The exact details of how she fell so far into debt remain cloudy but is generally accepted that her disregard for money in her working life carried over into her personal one. You’d think that a public figure with such valuable assets would have somebody look after her finances. I think they call them accountants. So smile Annie Lieberwitz, you’re inexcusable financial mismanagement has made you our boob of the week. For naked news, I’m Valentina Taylor.