Annie Liebovitz Gets Loan Extension, Will Keep Homes

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After weeks of speculation, celebrity photographer Annie Leibovitz has will get to keep the rights to her work, WWD reports today.

Art Capital Group -- to which the beleaguered photographer owes $24 million dollars -- has just agreed to extend the terms of a loan it granted her last year, which was apparently squandered by Leibovitz, who is known for lavish spending habits.

Art Capital will in turn withdraw a lawsuit it filed against Leibovitz in New York State Supreme Court in July. The firm had sought to force Leibovitz to participate in the sale of her photographs and other assets she used as collateral.

By renegotiating the deal, Leibovitz will also retain control of her houses in the West Village and upstate New York.

No information was available as to why Art Capital agreed to withdraw the suit and extend the terms of Leibovitz's loan, especially considering how miserably she has handled her finances. According to sources who have worked with Leibovitz, she has a penchant for borrowing money from colleagues.

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