Beauty and the Beast was a planned adaptation of the fairy tale of the same name that was to be directed by Don Bluth.
A young girl is kept in the house of a prince transformed into a hideous beast in order to preserve her father's freedom. During her stay, they learn that something must be loved before it is lovable. The villain would be an evil queen, Livia.
Why It Was Cancelled
Work on the film was interrupted by production on An American Tail and The Land Before Time. Following completion on the latter film, Bluth decided that this would be his next independent picture. However in late 1986, Disney announced to be working on a version of their own, which had begun full production in 1989 for a 1991 release. Knowing his version could not be completed before Disney's, Don dropped the project.
After Don cancelled his plans for a film adaptation, Disney released an animated version of their own in 1991 and was a box office hit.