The Famous New York photographer, Annie Leibovitz, whose skills with a lens have made many actors world famous, was in life-changing debt.
Even though she was earning millions of dollars from her photography, most of it for Vanity Fair and Vogue magazines, Leibovitz has managed to overstretch herself financially with a taste for lavish living.
Annie, 59, took out a $24-million loan with New York’s ‘Art Capital Group’, last September. She was in breach of the terms and face to face with bankruptcy like an oncoming wall. But she has managed to avoid bankruptcy after she at least temporarily bought back control of her photographs and homes following a renegotiation of the loan from a finance company that was threatening to take them from her.
In a deal which was announced on Friday between Leibovitz and Art Capital, the lender dropped its lawsuit against her and extended the maturity date on its loan. Art Capital has not disclosed how much more the American photographer will now have to repay nor by when, although it is understood to be a matter of months rather than weeks or years.