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Actually Gears of War is said to have cost $10 million:

http://blog.wired.com/games/2007/02/interview_epics.html

However this is a very rare budget for a HD game, for two reasons:

1- It doesn't include engine development or licensing (since Epic used their own engine)
2- Parts of the game development were outsourced to Epic China (a subsidiary that Epic opened there).

It surely doesn't include marketing either.

 



My Mario Kart Wii friend code: 2707-1866-0957