The company moved to close down production on Monday as filming was set to commence in Toronto. Benaroya’s sales company International Film Trust was due to start selling foreign markets on “Idol’s Eye” at this week’s American Film Market.
“Due to the criteria for financing not being met by producers, Benaroya Pictures has formally decided to discontinue financing the motion picture titled ‘Idol’s Eye,'” the production company said in a statement. “The company cannot continue to put its investment at risk and has been forced to stop cash flowing the production.”
The actors and Benaroya had come on board the production in late May following the Cannes Film Festival. Rachel Weisz was also cast.
Olivier Assayas was directing. Charles Gillibert developed and produced the project with CG Cinema, Bluegrass Films’ Scott Stuber, Film 360’s Scott Lambert, Alexandra Milchan and Michael Benaroya.
International Film Trust, which was co-founded by Benaroya, was handling foreign sales of the title and CAA, which arranged financing, was representing domestic rights along with WME.
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“This is something all of us wanted to avoid, but due to the producers missing a number of financing criteria deadlines that were mutually established by all parties, we were left with no other options,” Benaroya said Monday. “Benaroya Pictures plans to retain the rights of the film and move forward with production on the picture after we generate a revised script and assemble a new filmmaking team.”