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http://videogames.yahoo.com/feature/big-budget-disasters/1218872

Sims Online:  budget 25m, failed due to monthly fees

Daikatana:  budget unknown,  romero's studios collapsed soon after its release.

The Last Express:  budget 6m.  they didn't even advertise for this game

Ultima 9:  nine year development cycles.

Shenmue:  budget 70m.  it was single-handedly responsible for selling at least seven of Sega's equally ill-fated Dreamcast consoles

 the Gateway:  Budget:  city sized.  Driving game with massive map and nothing to do.

E.T.:  Estimated budget: over $50m (inflation-adjusted)    

        Atari paid somewhere around $25 million for the movie license, then had their programmers hammer out a game in a mere five weeks.

 

I never played these games but they all sound bad - except maybe Gateway.  Sequel was planned to come out on PS3 but was canned.