Will Ferrell turned down ‘Elf’ sequel and a hefty payday

(CNN) — Will Ferrell revealed he said no to an “Elf” sequel and the hefty paycheck that came along with it.

The funnyman told The Hollywood Reporter he would have made $29 million to play Buddy the Elf one more time.

“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,’” Ferrell told THR. “And I thought, ‘Can I actually say those words? I don’t think I can, so I guess I can’t do the movie.’”

“Elf” follows Ferrell’s Buddy the Elf as he leaves the North Pole and attempts to find his biological father in New York City. The movie, directed by Jon Favreau, has become a holiday classic.

Ferrell said long ago he would not do a sequel. In 2013, he appeared on Bravo’s “Watch What Happens Live,” where he explained why.

“It would look slightly pathetic if I tried to squeeze back into the Elf tights,” he said.

But Ferrell is involved in another holiday film. He will appear in “Spirited,” a movie musical adaptation of Charles Dickens’ “A Christmas Carol” alongside Ryan Reynolds and Octavia Spencer.