JB Lacroix/WireImage)
Jennifer Maas
February 27, 2015 at 12:00 PM EST

Robert Townsend will be directing a remake of Brewster’s Millions.

EW confirmed that Townsend (Hollywood Shuffle, Eddie Murphy: Raw) will helm the new version, coming almost three decades after the most recent adaptation, which starred Richard Pryor and John Candy.

The story is based on the 1902 George Barr McCutcheon novel, which follows Monty Brewster a man set to inherit $1 billion. The only catch is, he must spend $100 million in one week or will end up with nothing.

The story has been adapted several times, with the 1985 Pryor version, directed by Walter Hill and produced by Universal, bringing in a $45 million domestic gross.

Joseph and Jack Nasser are the producers of the Townsend version, with Michael William Schmidt penning the script.

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