By M&C Movie News May 19, 2008, 12:43 GMT
Harvey Weinstein is set to handle producing duties on Paolo Coelho’s bestselling novel "The Alchemist." The film is in development more than a decade after Coelho sold the film rights.
Harvey Weinstein - 2007 British Fashion Awards at the Horticultural Hall in London - Lawrence Hall, Royal Horticultural Halls - London, England © Solarpix / PR Photos
Variety reports the film’s production (estimated to be budgeted at $60 million) is set to start in the late spring with Weinstein producing for the Weinstein Co. The company is also set to handle the movie’s worldwide sales.
"The Alchemist" was originally set up at Warner Bros after Coelho sold the rights to the book to the studio 14 years ago for $250,000. When the film stalled, Coelho attempted to get the rights back and reportedly even offered the studio $2 million.
Laurence Fishburne was able to pick up the rights from Warner Bros. for the indie company A-Mark Entertainment. The actor is still attached to direct, star and produce the film. Weinstein is expected to bring in a new writer on the project to give a new draft to the screenplay.
Weinstein reportedly acquired the film rights from Fishburne and A-Mark for an estimated $3 million. However, Weinstein Co. has refused to comment on the cost of the deal - which was brokered by Paradigm Motion Picture Finance Group.
In Variety, Weinstein stated: "This is a great turnaround situation. The film will be a bridge to the Middle East. The book has been an overwhelming success there. It's a part of the world we need to know more about and extend bridges to it."
"The Alchemist" follows a young Spaniard who embarks on a quest to find a hidden treasure within the Egyptian pyramids. Since its release in 1988, the novel has sold more than 40 million copies in over 150 countries.
Coelho has stated he was hopeful the book would finally make it to the screen after 14 years and that all he wanted was “to see a good movie."
The production is expected to shoot multiple countries with the Weinstein Co. scouting locations in Spain, Jordan, Morocco, Egypt and Abu Dhabi.
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