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    Will Ferrell Has A Good Reason Why He Turned Down $29 Million To Do An "Elf" Sequel

    "I would have had to promote the movie from an honest place."

    Will Ferrell knows that money isn’t everything.

    Will Ferrell attends the premiere of "Downhill"

    During a recent interview with the Hollywood Reporter, the Talladega Nights star discussed his successful career in Hollywood and why he turned down a sequel to Elf.

    Will Ferrell during "Elf" New York City Premiere

    Although Ferrell was promised a hefty paycheck of $29 million, he said that he didn’t want to do a sequel to the hit movie because the sequel’s storyline was very similar to the original one.

    Will Ferrell attends the 2020 Sundance Film Festival - "Downhill" Premiere

    "I would have had to promote the movie from an honest place, which would've been, like, 'Oh no, it's not good. I just couldn't turn down that much money,'" Ferrell said.

    Will Ferrell arrives at the UK Premiere of 'Daddy's Home 2'

    "And I thought, 'Can I actually say those words? I don't think I can, so I guess I can't do the movie.'"

    Will Ferrell attends the HFPA and THR Golden Globe Ambassador Party

    James Caan, who plays Ferrell’s father in the movie, previously told the radio show The Fan in Cleveland that a sequel was never made because Ferrell and the director couldn’t get along.

    James Caan and Will Ferrell during "Elf" Special Screening - Los Angeles - Red Carpet

    "We were gonna do it," Caan said of the sequel. “And I thought, 'Oh my god, I finally have a franchise movie. I can make some money, let my kids do what the hell they want to do.'"

    James Caan from "Henry's Crime" poses for a portrait during the 2010 Toronto International Film Festival

    However, "The director [Jon Favreau] and Will didn't get along very well. Will wanted to do it, and he didn't want the director, and [Favreau] had it in his contract. It was one of those things."

    Will Ferrell and director Jon Favreau during "Elf" New York City Premiere

    Sadly, the sequel to Elf was never made. But at least the original film is still a Christmas classic to this day!

    Will Ferrell during "Elf" Special Screening - Los Angeles