Disney abruptly stopped the project despite the fact that it was already in pre-production and was projected to kick off filming this summer in London, reported Ace Showbiz.
It is also said that since mega budget film "John Carter" flopped, the studio has been scrutinizing budgets on its tentpole movies.
Adding to the uncertainty was the absence of a studio head following Rich Ross' departure last April. Ross was the one who was in charge to oversee the development of "Order of the Seven," which has been developed at Disney since 2002.
The film was originally written by Michael Chabon, who adapted "Snow White" story to the script. The latest version of the screenplay was penned by Jayson Rothwell and Michael DeBruyn.
This is not the first time Disney put the brakes on a movie project due to budgetary concerns.
Back in 2011, the studio canceled Johnny Depp-starring "The Lone Ranger". However, it finally gave a greenlit to the project after producer Jerry Bruckheimer agreed to reduce the cost of the adventure film.
