October 12, 2010 (Sampurn Wire): Move over Pirates of the Caribbean, The Hobbit is here to take your place. If reports are to be believed, the total estimated budget of the Hollywood version of JRR Tolkiens The Hobbit has reached the $500 million mark, while even as early as a few days back it was reported to stand at a figure of $300 million. With this, The Lord of the Rings prequel becomes the most expensive film ever made in the history of world cinema. The unprecedented rise in the budget of the film was the result of the delay to start work on the film on account of legal problems. It was reported that producers, New Line Cinema were engaged in a legal war with distributors MGM. Christopher Tolkien, the son of the author, too, had issues with the producers of The Hobbit.

However, the producers of the movie have said in a statement that work on the movie will commence soon, as early as this year so that the first part of The Hobbit gets its screening by 2012. The film will be made in two parts, says New Line Cinema. The Hobbit will be made by Peter Jackson, the director of The Lord of the Rings trilogy. After surpassing the Pirates of the Caribbean franchisee, the budget of The Hobbit also surpasses that of all three versions of The Lord of the Rings put together. While the part 1 will get a 2012 screening, the next part is scheduled to release the following year.

--Sampurn Wire