As big budget movies go, Disney’s The Lone Ranger starring Armie Hammer and Johnny Depp is, surprisingly, one of the biggest. Budgeted at upwards of $215 Million, it ranks as one of the most expensive movies ever made.

And now, we can see where at least some of that money went as the first trailer for the movie has been released. Check it out below and let us know what you think.

Look for The Lone Ranger in theaters next July.

In disappointing news for all the Bioshock fans out there, it looks like the film adaptation of the popular video game series is once again on the shelf. The film has run into many difficulties since day one securing the desired budget and creative control that a project like this would need. Gore Verbinski was set to produce with Juan Carlos Fresnadillo set to direct, but it appears the helmer may no longer be on the project.

According to director Juan Carlos Fresnadillo, he has completely left the Bioshock adaptation due to the drawn out process of getting this film off the ground

“To be honest, by now, I’m completely out of that, and developing other stuff,” Fresnadillo said. “Right now it’s on hold. The studio and the video game company, they have to reach some kind of agreement about the budget and the rating.”

Twitter is fast becoming a reliable and consistent news stream. A place where people can share comments, pictures or videos directly with fans. Case in point, Jerry Bruckheimer took to his twitter to release the first official image from the upcoming film The Lone Ranger.

The image reveals the updated look to the classic Lone Ranger and his faithful sidekick Tonto. Underneath the crazy make-up on Tonto is Johnny Depp, who seems to be on a mission to have a more elaborate face make-up every time he is on screen.

The very dapper looking Lone Ranger is played by Armie Hammer, who many still don’t realize is the single person who played both Winkelvoss twins in The Social Network. He actually strikes as a very good Lone Ranger, he has the look down pat, and his ability as an actor has been proven.

It will be interesting to see what tone The Lone Ranger is going for. The idea of a western franchise that has the same scope and demeanor of the Pirates films could be pretty great. Somewhere inbetween The Mask of Zorro and Wild Wild West there lies a pretty awesome western adventure, hopefully this film will be it.

You can check out the full new image after the jump.

Thought of as a pretty massive production for years, it seems that Disney is finally getting wind of the potential stack of cash it will cost to make the Gore Verbinski’s Lone Ranger and they aren’t too happy.

Back in 2008, it was announced and promoted that Johnny Depp was attached to the project as Tonto, and more recently The Social Network’s Armie Hammer was attached to play the lead role. It seems that if the film can’t get to a more reasonable budget, there may not be a Lone Ranger–at least not for a while.

From what Variety has to say, it looks like the film isn’t completely dead, just in a state of adjustment.

Despite reports that Disney has pulled the plug on the bigscreen adaptation, the pic is far from dead at the studio, sources close to the production told Variety.

We hinted at it a while back, but now it looks like it’s officially news, as Pirates of the Carribbean helmer Gore Verbinski will be taking on the adventure of The Lone Ranger for Disney. Deadline has the scoop.

Still no word on when the film will begin production or who’ll play the Lone Ranger. Verbinski had been looking around for his next job after completing his first animated film as a director in Rango, which Paramount Pictures distributes next year.

While there’s no word on who will play the masked avenger, there is already strong rumors the Johnny Depp will be taking on the role of Tonto. This news came through months ago when both Verbinski and Bruckheimer were first rumored to be attached to the film.

That theory would go along nicely with the fact that Verbinski’s Rango, which he is currently wrapping up, stars Depp as the voice of the main character.

Also a rumor around the time of Depp was the idea that George Clooney would be playing The Lone Ranger. No word whether this is still an option, but if he’s in the running for Soderbergh’s Man From U.N.C.L.E., then you can expect him to pass on Ranger.