Will Ferrell reveals why he turned down a $29 million offer for a sequel to Elf. From director Jon Favreau (Iron Man, The Mandalorian) and writer David Berenbaum, the Christmas comedy released in 2003 is now considered a holiday classic.

The film stars Ferrell as the titular elf named Buddy, though he is actually a human who was adopted and raised by Santa's elves at the North Pole. When he learns the truth about his past, Buddy heads to New York City to meet his biological father played by

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Will Ferrell Reveals Why He Turned Down $29 Million Offer For Elf 2

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