Deadline has brought word that Netflix has begun development on a film adaptation of the well-received documentary The Legend of Cocaine Island with Will Ferrell (Daddy’s Home) set to star in and produce through sister label Gloria Sanchez Productions.
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The documentary, directed and produced by Theo Love, followed a small-business owner and family man who learns of the legend of a buried stash of cocaine worth $2 million hidden in the Caribbean and after taking a large financial hit during the Great Recession, he concocts a plan to retrieve the buried loot, using the skills of a crew of colorful misfits, but with no drug-running experience, trouble ensues.
The feature adaptation of the documentary will be written by Peter Steinfeld (21) and produced by Ferrell alongside Gloria Sanchez Productions’ founder Jessica Elbaum and David Permut (Hacksaw Ridge) through his banner Permut Presentations. Love will return to the story as executive producer alongside Bryan Storkel.
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The documentary, which premiered at the Tribeca Film Festival in April 2018, was acquired by the streaming service and debuted on March 29, 2019, to very positive reviews from critics and audiences alike. Ferrell recently paired with Netflix for the upcoming comedy Eurovision and is set to star alongside Julia Louis-Dreyfus (Veep) in the Nat Faxon/Jim Rash (The Descendents)-directed remake of Downhill for Fox Searchlight.
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