Sergio Leone's 'Once Upon a Time in America' was just released on Blu-ray this January. If you purchased a copy of the disc, you're unfortunately already the unlucky owner of an outdated cut. Variety reports that Andrea and Raffaella Leone (the maestro's children) have picked up the Italian rights to the 1984 gangster tale and will be working with Bologna Cinemetheque L'Immagine Ritrovata to digitally restore the film. They're also going to be adding 40 minutes of original footage to the new director's cut.
All restoration is being supervised by 'America's' original sound editor, Fausto Ancillai. The film's in good hands with Bologna Cinematheque, who have worked on Leone's epic spaghetti westerns and also manage the Charlie Chaplin archives. An Italian theatrical release and VOD may be on the way, but the Leone family are eyeing up the Cannes and Venice film festivals for a possible 2012 screening.