He was the first to revel in skin-tight costumes -- a slippery slope that paved the way for Joel Schumacher to make superheroes nippley. He was also the first to throw on a mask with no visible pupils -- but while the Phantom may have been a trendsetter years ago, his trip to Hollywood was anything but. The 1996 release of The Phantom was a flop, even with the devilishly charming Billy Zane donning the purple tights.

But that's not stopping an Australian production company. Yahoo reports that Sherlock Symington Productions has nabbed the rights to The Phantom Legacy -- a follow-up to the first film. Expected to boast an $87 million price tag, the film will rip The Phantom out of the past and into the present while dealing with "the Father/Son relationship, and what it means to be The Phantom." Tim Boyle wrote the script and producer Bruce Sherlock (who was also part of the first film) claims that this won't be the flop that the first was, saying it has "the makings of a blockbuster," and that they're in talks with "top talent" to cast the film.

Since this is being labeled as a follow-up rather than a sequel, I assume that Zane's Phantom is long in the past, and that a new purple-clad crime fighter is handing the responsibility to his son. I just wonder how they'll deal with the outfit. All heroes have gotten a fashion upgrade, but how do you handle the original skin-tight hero? And more importantly, is there any chance this could be a blockbuster?

And last but not least -- if we're getting any large and in charge purple dudes, I want to put a vote in for The Tick.