New Spanish production shingle Atlantia Canarias is teaming with L.A. producers Branko Lustig (“Schindler’s List,” “Gladiator”) and John Kelly (“The Black Dahlia”) for a remake of “Papillon.”
The producers aim to finance the remake for the most part via tax-driven investments from Spain’s Canary Islands.
Headed by screenwriter-producer Vicente Mora and Catalan producer Roger Corbi, Atlantia closed a deal a few weeks back to option movie and TV rights to Henri Charriere’s autobiography, immortalized in the 1973 film starring Steve McQueen and Dustin Hoffman. Roger Corbi’s father, DrimTim topper Manuel Corbi, will produce.
Currently in the earliest stage of development, with no screenwriter or director attached, “Papillon” will shoot in English on a budget of about $90 million, Lustig said.
Roger Corbi added that 90% of the shoot, skedded for September 2009, will take place in the Canary Islands.
According to Lustig and Roger Corbi, the bulk of pic’s financing has already been tapped from Canary Islands-based high net-worth individuals using the Canary Islands’ RIC (Reservation of Canaries Investment) tax investment vehicle.
Under the RIC system, taxpayers may earmark part of their payments for film and TV investment, recouping before projects’ producers.
To access RIC coin, at least 75% of a film’s shoot must take place on the Canary Islands.
“RIC currently has accumulated up to $6 billion in tax payments to go into film and TV or other sectors,” Corbi said.
Atlantia Canarias was launched in May in a presentation supported by the Canary Islands government.
Atlantia is also collaborating with the government in the construction of Atlantia Studios, a soundstage complex on the island of Tenerife, using government-ceded lands.
Studios will have two large, split-able soundstages, Lustig said.