Annie Leibovitz Financial Deadline Passed

The financial crisis seems to have found a victim in famed photographer Annie Leibovitz.

BBCNews.com reports that Leibovitz was sued in July by Art Capital Group and ordered to pay back a $24 million loan or risk the possibility of losing the copyright to her work. The deadline was midnight Tuesday night, though there had been hopes to resolve the situation before the deadline.

Apparently, the artist had consolidated debts with Art Capital using her photos as collateral, but faced mounting debt due to mortgages and unpaid bills. The reason for prosecution, however, was due to Leibovitz denial of appraisers into her properties to assess their value. She also prevented Art Capital from selling her work.

Though Leibovitz has made millions for her classic photographs, the unpaid bills and taxes has escalated. Leibovitz also faced litigation from a neighbor in her efforts to renovate one of her properties.