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Turns out making three movies that innovate camera techniques and spread a book into three, three hour installments isn’t cheap.

Variety has word that according to official tax documents, production of The Hobbit trilogy has cost $561 Million so far, and with two more films to be released (not including ad costs, re-shoots, etc.) that number can and will go up.

For perspective, the original Lord of the Rings trilogy cost about half as much, total.  It is worth stating that the first film, The Hobbit: An Unexpected Journey pulled in just over $1 Billion on its own, so I don’t think Warner Bros is hurting for money.