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Leibovitz Staves Off Foreclosure
Photog gets reprieve, but property, rights to work still at risk
By Nick McMaster
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Posted Sep 11, 09 2:58 PM CDT
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(Newser)
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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.”