Annie Leibovitz freed from lawsuit
Art Capital Group has given Leibovitz an extension on her $24 million loan and allowed her to buy back the rights to her photos.
Photographer to the stars Annie Leibovitz has been given an extension on her $24 million loan from Art Capital Group. Initially the loan was suppose to be paid back on Tuesday.
The deal they made on Friday allowed the artist to buy back personal photographs that she had put up as collateral. In addition to the photos, she put up several Manhattan town homes and some property in upstate New York. Leibovitz took out the loan in order to pay off debts.
According to Reuters, she released a statement saying, "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." ACG also dropped the lawsuit they filed against Leibovitz back in July for a breach of contract.
William Heller, a property attorney, not having to do with the case, told the Associated Press, "This is a win-win for both parties," and "An amicable resolution in disputes like these is far better than an adjudicated solution."
