Buddy the Elf has become a household name around the holiday season and that’s all thanks toWill Ferrell. The holiday classicElfis one that fans quote from relentlessly and rewatch every year, and it turns out we could have had a sequel. The problem? Ferrell wasn’t into the idea. Talking withThe Hollywood Reporterabout his showThe Shrink Next Door, Ferrell talked about how the success ofElfwas a surprise to him, but rehashing the story for more money didn’t really appeal to him.

TheJon Favreau-directed film followed Buddy the Elf as he searched for his father in New York City. Starring Ferrell,Zooey Deschanel, andJames Caanthe film is hilarious, sweet, and the perfect holiday film to revisit. While a sequel could have been fun, if Ferrell walked away from the project, then there was definitely something there that he couldn’t stand by, even though it would have brought him a $29 million dollar paycheck.

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When asked why he didn’t do it, he answered honestly, “I would have had to promote the movie from an honest place, which would’ve been, like, ‘Ohno, it’s not good. I just couldn’t turn down that much money.’ And I thought, ‘Can I actually say those words? I don’t think I can, so I guess I can’t do the movie.'”

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We live in a world of sequels, franchises, and making movies that can expand beyond just one film, and a movie as successful asElfcould have easily been turned into something more. Reportedly the sequel was just a rehashed version ofElf’s plot, which prompted Ferrell to turn it down due to artistic integrity. His choice is almost unheard of—especially with $29 million on the line—and something that should be celebrated. After all, what else could Buddy the Elf possibly get into now that he’s shown the world that Santa is there and helped to save Christmas with his friends in New York City?

A sequel toElfwould have been fun, but if it was just a diminished version of the film we already had, Ferrell made the right choice. At least now we have a perfect movie to watch each year and hear everyone answer the phone with a cheery “Hi, I’m Buddy the Elf. What’s your favorite color?”

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