The family holiday movie Elf would have gotten a sequel if not for Will Ferrell turning it down, and in a new interview, the actor has explained his decision to say no to the movie - along with the high-dollar paycheck that would've come with it. Released in 2003, Elf was a tremendous hit at the box office, instantly turning Ferrell into a bona fide movie star. It is now highly regarded as one of the greatest Christmas movies of all time.

Despite the instant success of Elf, it's one of those movies that has never gotten a sequel. That wasn't for a lack of trying, as there were efforts behind the scenes to get Elf 2 made. In his new interview with THR, Will Ferrell reveals that there was even a screenplay written for a second Elf movie. The actor was also offered $29 million to reprise his role as Buddy.

So, why didn't Elf 2 happen? Apparently, the screenplay didn't quite leave Ferrell impressed, as it came with a "rehashed premise" and just didn't seem quite as good. Accepting the movie would have left Ferrell with a certain choice, as while this was a huge paycheck, it would have meant lying to the fans about the sequel's quality during the promotion. With this in mind, he couldn't in good conscience accept Elf 2.

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

Though Will Ferrell wasn't interested in Elf 2, he would go on to find great success anyway, starring in Anchorman: The Legend of Ron Burgundy in 2004 and following up with Talladega Nights: The Legend of Ron Burgundy in 2006. Anchorman would turn out to be one of the few of his movies Ferrell would revisit for a sequel, as Anchorman 2: The Legend Continues was released in 2013. Recently, he's been working with Ryan Reynolds on the holiday comedy Spirited.

Elf was written by David Berenbaum and directed by Jon Favreau. Along with Will Ferrell, the movie stars James Caan, Zooey Deschanel, Mary Steenburgen, Bob Newhart, and Ed Asner. While it was never given an official movie sequel, it did inspire a stop-motion television special Elf: Buddy's Musical Christmas, which aired on NBC in 2014. Jim Parsons of The Big Bang Theory voiced the animated Buddy for the movie, though Ed Asner reprised his role as Santa with other cast members including Mark Hamill, Rachael MacFarlane, Fred Armisen, and Gilbert Gottfried.

Some movies are just best as they are without a sequel, and it could be that Elf is one of those movies. It will always be played every holiday season, serving as a tradition for many families who see it as a perfect Christmas movie. Could that have been tarnished by a lackluster sequel? That's very well possible, but we'll always have the original. This news comes to us from The Hollywood Reporter.