Bloomberg takes a look at the value of Annie Leibovitz’s real estate and declares it valued well in excess of the amount she owes Art Capital:
In 1996, Leibovitz paid $2.3 million for 220 acres in the Hudson Valley hamlet of Rhinebeck, said appraiser Pete Hubbell, president of Hubbell Realty Services Inc. It was once part of the Astor family’s 3,500-acre estate, called Ferncliff. In 2002, Leibovitz paid $635,000 for an adjacent 7.8-acre parcel, the Dutchess County records show. […]
Hubbell, who has appraised the Leibovitz property, said it could be worth $4 to $6 million in today’s market. Rhinebeck’s official appraiser pegged the value at $5 million, according to a 2009 Dutchess county tax report.
“I can see it getting $10 million,” said Harry Hill, a local resident and principal broker of H.H. Hill Realty Services. “She did a first-class restoration. The barns are unbelievably beautiful.” […] Leibovitz’s houses in Manhattan’s West Village are also historic. Built in the 1830s, they are designated as landmarks. The estimated value of the three Greek Revival brownstones could be $30 million, said brokers who specialize in the area.
Of course, with Goldman Sachs worried about looking like they’re beating up on a defenseless artist, there’s a good chance Leibovitz may show up with a check for $26.9m on Sept. 8th.
Leibovitz’s $40 Million Astor Barns, Townhouses Might Ease Debt (Bloomberg)