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CANNES — Seth Green will star in “Party Monster,” to be written and directed by Fenton Bailey and Randy Barbato.

Pic is being co-produced by Christine Vachon’s Killer Films along with Bailey and Barbato’s World of Wonder shingle, co-financed with Fortissimo Film Sales.

Project marks the first time that Fortissimo, best known as a sales agent for Asian arthouse pics, has invested in an American movie.

Fortissimo’s Michael J. Werner and Wouter Barendrecht will exec produce. Company is handling international sales.

“Party Monster,” budgeted under $5 million, is based on the true story of New York club promoter Michel Alig.

Alig was one of the biggest names in the Gotham club scene during the early 1990s, throwing outrageous parties and launching his own magazine and record label.

But when he boasted on TV that he had killed his drug dealer, his world began to unravel.

Green, repped by UTA and Koopman Management, is attached to play Alig’s best friend, the film’s narrator. Pact with Killer was negotiated by John Sloss.

Green, who played Dr. Evil’s son in the “Austin Powers” movies, stars in three pics to be released this summer: Joe Roth’s “America’s Sweethearts,” Jerry Zucker’s “Rat Race” and “Knockaround Guys” for New Line. He also stars in the upcoming Fox series “Greg the Bunny.”

Green said, “It’s a cautionary tale that seemed too horrifying and outrageous to be true, yet it all happened.”

Green said World of Wonder and Killer “have developed a system of getting films that wouldn’t be made anywhere else done, done well and seen.”

Vachon said, “Fenton and Randy have a unique vision for this project. They were actually there as Alig imploded. They have lived this material and promise to make a film unlike anything that has been seen.”

Bailey and Barbato directed and produced feature docu “The Eyes of Tammy Faye,” as well as numerous TV series and docus for HBO, the BBC and Channel 4.

“Party Monster,” their first dramatic feature, is scheduled for a fall shoot.