INDEBTED

Will Leibovitz's Real Estate Save Her?

Barns, townhouses worth $40 million.

Celebrity photographer Annie Leibovitz—whose $24 million debt doesn't make a picture perfect—might have finally found her ticket out. In 1996, Leibovitz purchased 220 acres of property—once part of the Astor family's estate—in New York's Hudson Valley for $2.3 million and later expanded her ownership. The property includes a pond, meadows and woodlands, as well as stone barns and a former creamery. She also owns historic 19th century homes in Manhattan's West Village—which could be worth $30 million. In total, Leibovitz's property could fetch more than four times what she paid, perhaps as much as $40 million, brokers say. Leibovitz must repay her debts by Sept. 8, according to a suit Art Capital filed in New York State Supreme Court on July 29.