$60M for Halo 3?

This is the first figure I've seen concerning Halo 3's development costs:

The total cost to Microsoft for "Halo 3": a little more than $60 million. Development costs will probably be just above $30 million, given an elite team of 300 full-time artists and programmers working for three years on the game at Bungie...Bonuses to key developers and artists will probably add $25 million to the tab.

This must make Halo 3 the most expensive video game in history.

Microsoft's 'Halo 3' expected to ring up giant sales (L.A. Times)