The Hobbit trilogy has cost $561 million so far

Peter Jackson’s budget for the Hobbit trilogy has soared past the half a billion mark, nearly doubling the amount of money spent on the initial Lord Of The Rings series.

Variety reports that Jackson and crew have currently spent $561 million on the new series, with that total set to rise as work continues on the next two installments.

That total covers 266 days of filming, two years of post-production and two months of additional shoots, with the film’s costly visual effects accounting for a significant chunk of the outlay.

Jackson’s decision to shoot both at 48 frames per second and in 3D was taken at considerable expense, albeit allowing the film to command higher ticket prices.

That said, studio bosses won’t be tearing their hair out just yet, given that the first film has already amassed more than $1 billion at the box office, with the next two likely to follow suit...

The Hobbit: The Desolation Of Smaug will open in the UK on 13 December 2013.