Will Ferrell turned down $29 million to make 'Elf 2'. The comedian, who donned tights and pointy shoes for the first Christmas movie, admitted the huge fee wasn't enough to risk making a bad film. He said: "I was offered $29 million for a sequel, but I never liked it. It does seem a lot of money for a guy to wear tights. It's insane. But it wasn't difficult to turn down. I remember asking myself could I withstand the criticism when its bad and they say, 'He only did the sequel for the money.' "I decided I wouldn't be able to. I didn't want to erase all the good work I've done, but you watch, I'll do some sequel in the future that's crap. Will has also ruled out starring in a sequel to 'Old School', in which he starred with Vince Vaughn, Luke Wilson and Juliette Lewis. He insisted: "I wouldn't do another 'Old School'. They put these rumors out there, but I would never be behind that one."