Leibovitz Will Keep Rights to Her Life's Work, for Now

Leibovitz had put her life's work up for collateral with the finance company and couldn't pay off the loans by the deadline, which was Tuesday.

"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," Annie Leibovitz said in a statement posted by N.Y. Post.

The new agreement states that Leibovitz will have an extension to pay off the debt and she will get to keep rights to her iconic photos and three homes in Greenwich. This may be Leibovitz's last chance; if she does not meet the new deadline, the company will take away her entire collection and her properties.

"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," CEO of Art Capital Ian Peck states.

Leibovitz was sued by Art Capital back in July after she was accused of obstructing efforts to prepare her artwork and properties for sale.

Annie Leibovitz is one of the most famous celebrity photographers. Her lense has seen the light of Brad Pitt, Bruce Springsteen and John Lennon, but is probably most known for taking the famous naked and pregnant Demi Moore photo.

Other Sources: N.Y. Times, Reuters