The sun came out yesterday for Annie Leibovitz — the legendary photographer has reached a deal to pay back a whopping $24 million loan without losing her life’s work.
Leibovitz and her creditor, Art Capital, released a joint statement saying they “have reached an agreement that provides a further restructuring of Ms. Leibovitz’s finances and resolves pending legal matters between them.”
The restructuring of the deal means the acclaimed photographer will retain rights to her portfolio, which has iconic photos of John Lennon, Demi Moore and Bruce Springsteen.
She also will not have to sell her three townhouses in Greenwich Village or her sprawling upstate estate — at least for now.
Under the agreement, Leibovitz has a significant amount of additional time to repay the loan, although the new deadline was not revealed.
If she fails to pay up on time, she could still lose her photos and properties, which last year she had put up as collateral for the 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,” said Leibovitz, 59.
“I also want to thank my family, friends and colleagues for being there for me, and look forward to concentrating on my work.”
Ian Peck, CEO of Art Capital, said, “We’re gratified to be able to further assist Ms. Leibovitz to achieve financial stability, and proud to have been of such value to her at this juncture in her life and career.”
Leibovitz, meanwhile, has agreed to buy out Art Capital’s interest as her exclusive photo agent and exclusive real-estate agent for her properties.
The photo catalog and her properties have both been valued in the $40 million range.
A lavish spender whose handling of her finances is the complete opposite of the perfectionism she brings to her work, Leibovitz had found herself drowning in red ink in recent years as large mortgages, lawsuits and unpaid bills continued piling up.
She took out the loan from Art Capital to dig herself out of her financial hole, but her inability to meet the company’s Sept. 8 deadline had her staring at the prospect of losing her homes and life’s work, or declaring bankruptcy.
The two sides had negotiated for almost three days past the deadline to work out the agreement, which helps Art Capital avoid litigating the case in Bankruptcy Court.