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Renowned portrait photographer Annie Leibovitz will keep her photographs after all. Private equity firm Colony Capital, the same company that purchased the loan for Michael Jackson’s Neverland Ranch, has agreed to assume the debt Leibovitz owed the Art Capital Group, becoming her sole creditor.
Leibovitz was recently at risk of losing ownership of her iconic portfolio of portraits after borrowing $24 million from the Art Capital Group and then being sued when she was unable to repay the debt. As part of her collateral, she had used rights to her entire collection of photographs, a move that led the New York Times to write that, “one of the world’s most successful photographers essentially pawned every snap of the shutter she had made or will make until the loans are paid off.”
Leibovitz was recently at risk of losing ownership of her iconic portfolio of portraits after borrowing $24 million from the Art Capital Group and then being sued when she was unable to repay the debt. As part of her collateral, she had used rights to her entire collection of photographs, a move that led the New York Times to write that, “one of the world’s most successful photographers essentially pawned every snap of the shutter she had made or will make until the loans are paid off.”