Will Ferrell doesn’t believe in making an “Elf” sequel.

Ferrell couldn’t conscionably market a movie to fans that he knew wasn’t good.

Though a $29 million role reprisal in a second “Elf” movie was an option, Ferrell turned it down.

James Caan revealed that the thwarted follow-up film was because of between Ferrell and Jon Favreau.

Caan hoped that “Elf” would turn into a multi-movie franchise.

Caan recalled that Favreau and Ferrell didn’t get along - Ferrell didn’t want Favreau directing the film.

In 2003, “Elf” earned $223.3 million at the box office with a $33 million budget.

The studio still earns money from TV re-runs of the movie, as well as streaming deals.

Though it’s unsure how profitable the second film could have been, there was potential for success.