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He explained: "It's the only Tolkien book I read. I tried my best to read the
Lord of the Rings, the trilogy. I could not. I could not. They were very dense.
"And then one day, I bought The Hobbit. I read it and I loved it. So it would be a privilege. But listen, I wish I knew."
Peter Jackson and New Line had been involved in a long-running dispute regarding royalties generated from the hugely successful fantasy trilogy but a statement issued by the studio this week confirmed the Kiwi - and partner Fran Walsh - is to executive produce two films based on The Hobbit.
The first is thought to be a straight adaptation of the book and should hit the screen in 2010 while the second could serve as a prequel to the Lord of the Rings trilogy, using Tolkien's lengthy appendices as source material.
Del Toro explained that the idea of working with the creative talents of Jackson, Walsh, and their long-term special effects partners Weta Digital, was a mouthwatering prospect.
"I met Peter and Fran when we were trying to do Halo. I think what they're doing in New Zealand is amazing," he said.
"What they're doing, in terms of the way they approach filmmaking — the way I see it is, it's Hollywood the way God intended it.
"Because it's a filmmaker's dream and a filmmaker's facility. So it's heaven. The question is: Will I go to heaven? I have no idea."