By John Horn
Los Angeles Times

LOS ANGELES – It may seem strange that anybody would pass on financing a movie starring Leonardo DiCaprio. But when Baz Luhrmann was trying to make “The Great Gatsby,” with the “Titanic” star cast in the lead role, every studio in town said no – except one.

Opening this weekend, and expected to gross as much as $45 million in its debut, “The Great Gatsby” originally was going to be co-financed by Sony Pictures (with Village Roadshow splitting the tab). But soon after James L. Brooks’ $120 million “How Do You Know” flopped for Sony in late 2010, grossing just $48.7 million worldwide, the studio reconsidered its investment in another auteur director, and parted ways with Luhrmann.

The Australian director’s adaptation of F. Scott Fitzgerald’s novel was largely cast at the time, and Luhrmann and his wife, production designer Catherine Martin, had done early costume tests with DiCaprio (who plays Jay Gatsby) and Carey Mulligan (who stars as Daisy Buchanan, the woman he can’t live without).

When Sony got cold feet, Luhrmann’s agent, Robert Newman, tried to find a new backer _ and was met with rejection at every stop. Greg Silverman, a creative executive who was about to be elevated to production president at Warner Bros., agreed only to have a general meeting with Luhrmann in early 2011.

But with the door open, Luhrmann made the most of his opportunity. He quickly switched gears, explaining to Silverman that the studio’s ascension was indelibly linked to gangster movies, particularly 1942’s “Casablanca.” He came along with props – photos of wardrobe and sets – which helped explain what the movie would look like, and discussed how modern music (the finished film’s soundtrack includes cuts by Jay-Z, Kanye West and Florence + the Machine) would be interspersed with classical pieces.

“I said, ‘It’s in the Warner Bros. DNA to make ‘The Great Gatsby,’ ” Luhrmann recalled.

The studio’s senior executives soon agreed, and about two weeks after the $100 million “Great Gatsby” looked dead in the water, it had a new home.

Sue Kroll, president of worldwide marketing for Warner Bros., said in those early meetings with Luhrmann she understood that “The Great Gatsby” would be as much of a mystery as it was a romance – all with the director’s imaginative visual designs. “For me, it was incredibly compelling,” Kroll said. “It was very clear that this movie was going to be a cultural event _ a phenomenon. I was sold.”

Kroll said audience tracking surveys have shown her initial instincts were right. Young girls are particularly interested in seeing the film this weekend, proof that in Luhrmann’s telling the nearly 90-year-old novel has contemporary relevance.

The polarized reviews were expected, Kroll said, which Warner Bros. hopes can become something of a sales hook. “The goal of the campaign is that ‘The Great Gatsby’ is something you need to check out and make your own decision,” Kroll said.