“Paranormal Activity” director Oren Peli’s new film “Area 51” has become the subject of a bidding war between no less than six studios and production companies says The New York Times.

Surprisingly Paramount, the current distributor of ‘Paranormal’, is not one of the companies. Bids for the property have been in excess of $10 million – a huge jump on the mere $300,000 that Paramount paid for Paranormal Activity (or the 11 grand it took to make it).

The $5 million-budget project is filming is currently underway in Utah.