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Dec. 15 2008, Updated 12:43 p.m. ET

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Though the 1996 film The Phantom was a flop -- despite the pretty ideal casting of Billy Zane as the purple-tights hero -- the character is set to return in an $87 million film called The Phantom Legacy.

Though no one has been cast, writer Tim Boyle says the film will be about a "father/son relationship, and what it means to be The Phantom. The film will be set in the present day and will deal with the concept of destiny."

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Boyle is referring to the fact that the Phantom is a hereditary "job" passed from generation to generation in the Walker family. Apart from self-taught athletic abilities and marksmanship, the character has no special powers.

Created by Lee Falk, the Phantom was one of the first costumed comic strip/comic book heroes, appearing in newspapers in 1936, two years before the debut of Superman.

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