Why Did Will Ferrell Turn Down ‘Elf 2′?

There are some actors — not many, but some — who refuse to make sequels. Johnny Depp reportedly was of this mind, prior to signing on for Pirates of Caribbean, a film that probably would’ve been dead in the water if it wasn’t for his creative decisions in crafting the Jack Sparrow character (decisions that made him fear he’d be fired nearly every day on set).

Surprisingly, Will Ferrell refused to come back for Elf 2, but why did he pass on the follow-up flick to the holiday classic?