Hollywood is known for its happy endings, and the
sordid tale of celebrity photographer Annie Leibovitz -- who used as collateral for a $24 million dollar loan the rights to her entire body of work and expansive real estate holdings only to default -- is no different.
Friday, Art Capital announced that it reached an agreement with Leibovitz:
The agreement will result in the withdrawal of the suit that Art Capital filed against Ms. Leibovitz on July 29, 2009 and extends the maturity date for the $24 million loan Art Capital provided Ms. Leibovitz, which was originally due on September 8, 2009. Ms. Leibovitz has also purchased from Art Capital its rights to act as exclusive agent in the sale of her real property and copyrights. Ms. Leibovitz will therefore retain control of those assets within the context of the loan agreement which shall prevail until satisfied.
"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," Ms. 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."
"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," said Ian Peck, CEO of Art Capital Group.
But just like in Hollywood, home to many of the celebrities Leibovitz immortalizes, things are always less polished than they seem. It's not known how much Leibovitz paid to buy back the rights to her real estate and body of work -- let's hope she didn't take out another loan -- and we're seriously doubting Leibovitz has actually attained the financial stability Peck is so gratified to have assisted with.
However, with more time, Leibovitz may be able to sell some of her real estate to pay back Art Capital in full and move on with her life. Then the credits can really roll. -
Sara Behunek
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