‘The Hobbit’ the has become the most expensive film production of all time.

The trilogy, which includes the release of ‘The Battle of the Five Armies’ in December, has cost as much as £464 million, according to financial documents released in New Zealand.

The films, directed by Peter Jackson, were shot back-to-back as part of a a giant single production.

And as the financial reports for ‘The Hobbit’ only go as far as March 2014, there could be additional costs added to the eventual bill for the production.

However, the record for the most expensive film of all time remains ‘Pirates of the Caribbean: At World’s End’, which cost around £185 million to make.

Despite the eye-watering cost, movie studio Warner Bros has already recouped £75 million of the costs in tax breaks from the New Zealand government.

The deal is similar to that struck by James Cameron for the much-anticipated ‘Avatar’ sequels, which are also being filmed in New Zealand.

Documents show shared between 20th Century Fox, Lightstorm – Cameron’s production company – and the New Zealand government reveal there will be £250 million spent on the filming and visual effects in the country.