Leibovitz Signs Deal To Clear Debts

9 March 2010 8:11 AM, PST | WENN | See recent WENN news »

Celebrity photographer Annie Leibovitz has signed a deal with a financial firm which will help clear her debts without selling the rights to her pictures.

The snapper has suffered severe money problems over the last few years and is said to owe $24 million (£16 million) to bosses at Art Capital Group, who recently threatened legal action after she allegedly failed to adhere to the terms of the agreement.

Leibovitz, who has famously photographed stars including Demi Moore and Miley Cyrus, was reportedly planning to sell her entire art collection, as well as her homes in New York, to help settle the debt, but the lawsuit was withdrawn last year.

She has now signed a deal with U.S. private equity firm Colony Capital to help manage her money woes and keep her career on track.

Leibovitz tells the Financial Times, "We will be working on new projects and I will have the support and freedom necessary for nurturing my work and preserving my archive."

She is now said to be working with bosses at Colony Capital to help fund a travelling exhibition of her pictures, as well as launching a book series to showcase her work.

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