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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
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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.”

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.
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)
File - American photographer Annie Leibovitz arrives at Buckingham Palace in London, in this March 27 , 2007 file photo.
File - American photographer Annie Leibovitz arrives at Buckingham Palace in London, in this March 27 , 2007 file photo.   (AP Photo/Kirsty Wigglesworth/pool, File)
WASHINGTON - MAY 03: Photographer Annie Leibovitz walks the red carpet at the 17th Annual Kennedy Center Spring Gala at The Hall of Nations on May 3, 2009 in Washington, DC.
WASHINGTON - MAY 03: Photographer Annie Leibovitz walks the red carpet at the 17th Annual Kennedy Center Spring Gala at The Hall of Nations on May 3, 2009 in Washington, DC.   (Getty Images)
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COMMENTS
Showing 3 of 9 comments
Robert_Dada
Sep 12, 2009 12:16 PM CDT
Gee you sound bitter...like someone who is an insignificant nobody in a world that totally ignores them.
bewilderbeast
Sep 12, 2009 9:49 AM CDT
It's not just you. It's the signs of an empire dying. Too rich, too greedy, fighting among themselves. And going dow-own . .
Snarfeh
Sep 12, 2009 4:29 AM CDT
@libby - Twinkies? Omg, you are a gay man? Log Cabin? I had no idea. I have never heard *any*one call someone else a twinkie other than gay men. Those gay boys do love their twinks.

 
bankruptcy • photography • debt • Annie Leibovitz • loan

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