Art Capital Group has withdrawn its lawsuit against celebrity photographer Annie Leibovitz and extended the due date for repayment of her $24 million loan, the two sides announced Friday.
It is part of an agreement reached between Leibovitz and Art Capital Group, which restructured her debts, according to a joint statement from the two sides. Under the agreement, Art Capital also agreed to extend the maturity date for the loan it provided to Leibovitz, which was originally due on Tuesday. The statement did not say when the loan is now due. In exchange, Art Capital will be the “exclusive agent in the sale of her real property and copyrights,” the statement said. “Ms. Leibovitz will therefore retain control of those assets within the context of the loan agreement which shall prevail until satisfied,” it said. Leibovitz, who has photographed everyone from the Rolling Stones to Queen Elizabeth, put her art, intellectual property and even real estate assets up for collateral last year when she consolidated her massive debts. “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 in the joint statement.
Photographer Leibovitz could lose portfolio due to debt
“I also want to thank my family, friends, and colleagues for being there for me and look forward to concentrating on my work.” One of Leibovitz’s best-known photos is of John Lennon with his wife, Yoko Ono, shortly before the Beatles star was assassinated in 1980. She is no stranger to controversy. In 1991, Leibovitz photographed a nude and extremely pregnant Demi Moore for the cover of Vanity Fair. The issue, considered scandalous at the time, was sold in many places nationwide with a sheath of white paper. Watch more about the suit she faced, controversy she’s stirred
Last year, Leibovitz photographed Disney star Miley Cyrus wrapped in a bedsheet, eliciting claims that the photographer pressured the teen queen into poses that were too provocative for her young age. In July, Art Capital filed a complaint with the New York Supreme Court, asking it to uphold the sales agreement it signed with Leibovitz, including its right to sell her art and real estate.