Annie Leibovitz, the photographer who mismanaged her fortune so badly that she faced losing legal rights to some of pop culture's most enduring images, has reached a long-term agreement with a private investment firm to help manage her debt and market her vast portfolio, The Associated Press reports.
Leibovitz, 60, will retain total control of her multimillion-dollar portfolio under the deal she signed with Colony Capital LLC of Santa Monica, Calif., said Richard Nanula, a principal with the firm.
Under the agreement, Colony will become the photographer's sole creditor and help market her archive of provocative images such as a nude John Lennon cuddling with a clothed Yoko Ono hours before his death, as well as a nude and very pregnant Demi Moore.
The specific terms of the new deal were not disclosed, but Nanula said "it pays off all the Art Capital loan. . . . It cleans up the rest of her balance sheet."