Corrected entry: The estimated budget was $280 million. As of December 2009 this makes Avatar the most expensive movie ever made.
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Correction: Incorrect. Some of the major movies from over 60 years ago when adjusted for inflation beat Avatar comprehensively for budget costs. Even if we discard inflation, Pirates of the Carribean: At Worlds End cost and estimated $300million to make back in 2007.
GalahadFairlight