Phoenix Pictures has bowed out of financing “Don Quixote,” which was budgeted north of $60 million, sources said. The move once again orphans the high-profile project that was to star Robin Williams and John Cleese, and was to be directed by Fred Schepisi. It had been expected to shoot in Spain this spring.

The project was to be produced by Steven Haft, Quincy Jones and David Salzman from a script by Waldo Salt. The project has come close to production eight times, but has never made it to the altar.

Over the years, casting combinations included Richard Burton & Buddy Hackett and Williams & Sean Connery. Williams had been attached to the project for several years. Cleese got involved through Schepisi after the director did reshoots on Universal Pictures’ “Fierce Creatures.” Phoenix Pictures execs were unavailable for comment.