Liberace foundation struggles with debt

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liberace

Liberace. - PHOTO: Via Wikipedia

US Bank has taken the Liberace Foundation for the Performing and Creative Arts to court for allegedly defaulting on a $1.9 million loan.

The foundation had been funded from the now defunct Liberace Museum in Las Vegas.

The bank alleges that the foundation made payments on the loan from May 2000 through February 2012, then stopped.

Liberace opened the museum in 1979 to show off his cars and costumes, jewelry and pianos. It closed in October 2010.

Liberace, a native of West Allis, Wis., died in 1987 of AIDS-related complications.

A film starring Michael Douglas as the famously flamboyant and closeted entertainer is due out next year. Matt Damon stars as his young lover, who filed a palimony suit in 1982 and won a $95,000 settlement.