Did Activision Spend $500 million dollars on Bungie’s Destiny?

Back in June there were a lot of discussions about how much Activision is spending on Bungie’s Destiny, including a report that claimed the numbers are around half a billion dollars.

Despite Bungie’s statement “We’re pouring everything it takes into Destiny to ensure it meets our fans’ expectation, and our own, Activision is, too. But the budget for destiny, including associated marketing costs and pizza Wednesdays, is nowhere near 500 million dollars.” it seems like the numbers were correct, but these were the costs for the entire franchise.