Knoxville would return to the series for the well-received 2013 spinoff movie Bad Grandpa, which was also a box office hit and earned an Oscar nomination for Best Makeup and Hairstyling.
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The new film will also mark the first installment in the franchise since the death of star Ryan Dunn in a car crash in 2011.
After it was a major box-office hit, Knoxville and director Jeff Tremaine sought to have more wild adventures with the 2006 sequel, which fared a little better with critics and was another big hit at the box office.