It's got a production page with an official title and a placeholder shoot date. Money has definitely been spent writing it and location scouting. But I'm sure it can all be written off still...
If it's supposed to start shooting at the end of this month, one would think that preproduction would be finished, costumes would be made, props would be made, the entire cast announced, and a bunch of other important stuff completed by then. We've heard zilch about any of that.