Photographer Annie Leibovitz took a big step this week in cleaning up her messy financial situation by bringing on board a Santa Monica real estate investment firm. The two parties said they entered into a long-term agreement to help the iconic celebrity photographer manage her debt and stay out of bankruptcy, according to the Financial Times.
The deal makes Colony Capital, LLC the 60-year old’s sole creditor. The new deal helps Leibovitz sidestep bankruptcy and sure up a debt situation that nearly cost her one of her homes and her life’s work after she missed the deadline to repay a $24 million loan she took out with New York-based Art Capital Group. Leibovitz put up her entire catalog and one of her personal homes as collateral on the loan.
Art Capital sued her last summer, saying she had not paid hundreds of thousands of dollars due under its agreements with her. The firm later withdrew the lawsuit and extended the due date on payment.
Colony partner Tom Barrack said of the deal “ we will be partners in managing her assets and her business so that Annie can spend her time and focus on pursuing her passion as only she can do.” Equity firms are better positioned to maximize the value of their collateral than traditional lenders are says Andrew Morrow, co-chair of KMFM’s real estate practice group. Colony is very innovative in its approach to secured debt. Its plan to capitalize along with Ms. Liebowitz on her extensive portfolio is a step in the right direction for both parties, he adds.
Leibovitz agreed that the new deal will allow her to fully concentrate on her career while at the same time retaining artistic and proprietary control of her images. “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 said.
Colony Capital has invested more than $39 billion primarily in real estate-related assets since its founding in 1991, according to the L.A. Business Journal. Recently, Colony invested $206 million in secured debt to southern California builder William Lyon Homes through its Colony Financial REIT. Readers may recall that Colony acquired a $23.5 million loan to take control of the rights to Michael Jackson’s Neverland Ranch in 2008.
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