Leibovitz Staves Off Foreclosure

Photog gets reprieve, but property, rights to work still at risk
By Nick McMaster,  Newser Staff
Posted Sep 11, 2009 2:58 PM CDT
Members of the media look at a photograph of actress Nicole Kidman at a preview of the exhibition 'Annie Leibovitz - A Photographer's Life 1990-2005' on February 20, 2009 in Berlin, Germany.   (Getty Images)
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(Newser) – Annie Leibovitz has won an extension of her outstanding $24 million debt to Arts Capital Group, the New York Times reports. The celebrity photographer bought back the rights to her homes and intellectual property—both collateral in the loan—for an undisclosed sum as part of the restructured deal. But she could  still lose them if she doesn't keep up with payments on the renegotiated loan.

“In these challenging times I am appreciative to Art Capital for all they have done to resolve this matter and for their cooperation and continued support,” Leibovitz said. “I also want to thank my family, friends, and colleagues for being there for me and look forward to concentrating on my work.”