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Annie Leibovitz Gets Extension On Her $24 Million Loan

Annie Leibovitz has been granted an extension on the $24 million loan that threatened the photographer's rights to every picture she has ever taken.

The loan's deadline passed last Tuesday, but Art Capital Group has decided they want to continue to work to try to resolve the dispute.

Neither party has specified the length of the extension but you can be sure some of the points we outlined earlier about the possible domino effect if Leibovitz was forced to file for a personal bankruptcy came into play.

"It was important to us to be flexible and to work out an agreement with Ms. Leibovitz that helps her achieve financial stability," says Art Capital.

"She purchased from Art Capital its rights to act as exclusive agent in the sale of her real property and copyrights and will therefore retain control of those assets within the context of the loan agreement which shall prevail until satisfied."

If Leibovitz is unable to pay back the loan despite the extension, the consequences and rights to items will be determined by the new deal they have agreed to. And considering Leibovitz had little to negotiate with, you can be certain Art Capital has strengthened its hold on her assets incase she defaults.

"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," the 59-year-old says in a statement.

The value of Leibovitz's portfolio is estimated at $50 million with her New York properties worth another $40 million.

September 14, 2009 |

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