Will Ferrell says he turned down $29 million 'Elf' sequel because he couldn't have promoted it from an 'honest place'

• Will Ferrell turned down a reported $29 million to make a sequel to "Elf."
• He told THR he turned it down because he couldn't promote it from "an honest place."

The 2003 movie "Elf," starring Will Ferrell as a human who was raised in the North Pole and thinks he's an elf, has become a holiday classic. And a sequel was on the horizon, but Ferrell wouldn't make it.

In a new profile for The Hollywood Reporter, Ferrell revealed why he didn't make an "Elf 2," which the trade reports would have earned the star a $29 million payday.

"I would have had to promote the movie from an honest place," he explained, "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.'"

Last September, James Caan, who plays Ferrell's father in the movie, told the "Bull & Fox" show on Cleveland's 92.3 FM radio station that Ferrell and "Elf" director Jon Favreau didn't get along and it led to Ferrell not wanting to go forward with a sequel.

"We were gonna do it and I thought, 'Oh my God, I finally got a franchise movie, I could make some money, let my kids do what the hell they want to do,'" said Caan. "And the director and Will didn't get along very well. So, Will wanted to do it, he didn't want the director, and he had it in his contract, it was one of those things."

Thankfully "Elf" lives on every holiday season with just a click on a streaming service.