2003's holiday movie Elf is a modern classic, but despite its big success, a sequel was never made. Star Will Ferrell shares more details in a new interview on why he passed on the movie, which apparently would have paid him $29 million.

The Hollywood Reporter says a sequel was written, but Ferrell opted to pass on the project because he would have only been doing it for the money.

"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,'" Ferrell explained.