AP via YellowBrix via MediaBistro
NEW YORK — Annie Leibovitz has won an extension on a $24 million loan in a financial dispute that threatened her rights to her famous images, the two sides said in a joint statement Friday.
Leibovitz and the company, Art Capital Group, said the 59-year-old photographer had been given more time to repay the loan. The loan’s deadline passed on Tuesday, but both parties had continued to work to try to resolve the dispute. Neither party would specify the length of the extension.
“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 statement.
Her spokesman Matthew Hiltzik declined to comment on specifics of the deal.
Last year, Leibovitz put up as collateral three Manhattan townhouses, an upstate New York property and the copyright to every picture she has ever taken — or will take — to secure the loan.
Leibovitz needed the money, according to Art Capital, to deal with a “dire financial condition” stemming from her mortgage obligations, tax liens and unpaid bills.
The company sued her in July, claiming she had breached an agreement that authorized it to act as the agent in the sale of her photography and real estate. On Friday, the parties said Art Capital withdrew the lawsuit and sold back the rights to her works.
Leibovitz “purchased from Art Capital its rights to act as exclusive agent in the sale of her real property and copyrights,” the joint statement said. “Ms. Leibovitz will therefore retain control of those assets within the context of the loan agreement which shall prevail until satisfied.”
The company declined to say how much Leibovitz paid for the company’s rights to act as agent.
“It was important to us to be flexible and to work out an agreement with Ms. Leibovitz that helps her achieve financial stability,” Art Capital said.