HOT AND COLD RUNNING KARMA

Citing bad karma, Paramount producer Lynda Obst told us last week that she and her partner Debra Hill are dropping any ideas of making “The Billionaire Boys Club,” which has been considered one of the hottest film properties around town.

When Randall Sullivan’s article of the same name appeared in last September’s Esquire, it was instant reading at the studios. The true story dealt with murder and swindle among the offspring of Beverly Hills’ rich and famous. It looked to have roles for the whole Brat Pack.

Said Obst: “The rights issues are extremely complicated. It’s hard dealing with criminals and their rights or agents who act like criminals. The story had bad karma.” The studio seems to agree. “We are not making the movie now or in the future. The story never panned out,” claimed a high Paramount executive.

Producer Adam Field (“The Whoppee Boys,” “VisionQuest”) recommended Obst and Hill in the first place on behalf of writer Sullivan, his brother-in-law. And now he has the rights to the story.

He said he believes the publicity from upcoming trials in L.A. and San Francisco will re-ignite interest. Atlantic Monthly Press seems to agree. They’ve given first-time author Sullivan more than a quarter of a million to write a book. “The story is timeless, like ‘Fatal Vision’ or ‘In Cold Blood.’ It’s been called ‘The Godfather of the Brat Pack,’ ” said Field. “To me the movie is about a generation gone berserk. As long as young people rule the box office, the project will remain attractive to a studio.”