Paulo Coelho’s ‘The Alchemist’ Set Up at TriStar, PalmStar

PalmStar’s Kevin Frakes and Buddy Patrick previously acquired the rights to the classic novel

The Alchemist TriStar

TriStar and PalmStar are set to turn Paulo Coelho’s novel “The Alchemist” into a feature film, an individual with knowledge of the project told TheWrap.

Coelho’s book has sold over 65 million copies in 56 languages, following a young Spaniard who embarks on a quest to find a hidden treasure in the Egyptian pyramids. The book also holds a Guinness world record for being the most translated work by a living author.

Previously, the rights had been set up at The Weinstein Company with Laurence Fishburne and Idris Elba to direct and star. A few weeks ago, it was announced that PalmStar’s Kevin Frakes and Buddy Patrick acquired the rights to the classic novel from TWC for $6.5 million.

Frakes is producing along with Harvey Weinstein and Fishburne.

“I’m thrilled to be partnering with PalmStar on ‘The Alchemist,’” said TriStar President Hannah Minghella. “Like most fans of the book, I remember where I was when I first read ‘The Alchemist.’ It is a story I have returned to over the years and it has long been a dream to bring this insightful, magical and cinematic adventure to the screen. It’s easy to see why the book has connected with more than 65 million people around the world, and we’re committed to making a film that authentically captures its power and expands its reach.”

In addition, the label is also adapting the bestseller “The Nightingale” with director Michelle MacLaren and the novel “The Trap.” Recently, TriStar teamed up with producer Mark Cordon to acquire “The Chronicles of Narnia” series and will adapt the next book, “The Silver Chair.”

PalmStar’s upcoming films include “Collateral Beauty” starring Will Smith, Kate Winslet and Ed Norton, and “John Wick: Chapter Two” starring Keanu Reeves.

Brian Burkin negotiated the deal on behalf of TriStar, while Craig Emanuel negotiated on behalf of PalmStar.