First, art was imitating life. Now life is imitating art.

Over a million dollars worth of designer jewelry set to adorn stars on the Cannes Film Festival red carpet was stolen — notably, during the Thursday evening screening of Bling Ring, the true story of teens who robbed homes of the rich and famous — according to French police.

The gems, creations from the Swiss-based luxury jeweler Chopard, were taken from a company employee’s room at the Novotel Cannes Montfleury Hotel. Police sources told the Daily Mail that jewels were locked in a security safe, which the thieves tore from the wall and lifted from the room.

More than a mainstay on the necks of celebrities, Chopard has been a sponsoring partner of Cannes since 1998, designing the Palme d’Or award, hosting parties to honor films, and of course, creating jewelry to make the star shine during the iconic mounting of the steps at the annual famed festival. Already at this year’s event, Chopard gems has graced the likes of Julianne Moore, Cindy Crawford and Cara Delevingne, while they were worn last year by Jessica Chastain, Reese Witherspoon and Marion Cotillard.

Of course, it seems no coincidence that the theft transpired during the very hours that Bling Ring lit up the Cannes big screen. Written and directed by Oscar-winning Sofia Coppola, the docudrama was inspired by the true story of a group of fame-hungry Los Angeles teenagers who broke into celebrity homes to swipe their shoes, clothes and — read closely — jewelry.

It’s like the circle of…crime?

Scarface’s star Al Pacino and director Brian De Palma are reteaming to bring the story of the late Penn State coach Joe Paterno to the big screen. David McKenna (American History X) will pen Happy Valley, the tentative title of the film, which is based on Paterno’s biography written by Joe Posnanski. The story will hinge on Paterno’s fall from grace during the 2012 underage sex scandal that plagued the last days of the football coach’s career. The project marks Pacino and De Palma’s first collaboration since Carlito’s Way. [Deadline]

2012 was arguably Matthew McConaughey’s biggest year since making his big break in 1996’s A Time to Kill, and now the actor is following up on his Magic Mike success.

Mud is a new dramatic thriller from director Jeff Nichols (Take Shelter). McConaughey plays the title character, a con on the run for murder whose troubles rope in two young kids. On Wednesday, Yahoo! Movies unveiled the film’s first official trailer and you need to watch it right now!

Stars like Jessica Chastain, Jennifer Lawrence and Bradley Cooper have one more stop to make before walking Oscar’s red carpet, and that’s the Screen Actors Guild Awards. In addition to having some of the biggest names in both film and television gather to be awarded by their peers, the SAG Awards go all out to secure their much-earned “very big deal” status. This year’s telecast, broadcast live from the Shrine Exposition Center in Los Angeles, is no exception. Check it:

• 15,872 square feet of red carpet will be laid out at the arrivals area for talent.
• three-row six-foot high bleachers will be set up to accommodate 300 (screaming) fans.
• 600 feet of silver aluminum pipe connecting two monumental 16-foot high gates will be installed on the main stage, to create an impressive sunburst design.
• The physical awards – The Actor statuettes – were recently cast in bronze and will be given to winners in both the film and television categories.
• Each statuette weighs 12 pounds and stands 16 inches tall.
• Guests will be served from a menu that includes salmon, beef tenderloin and much more.

The 19th Annual Screen Actors Guild Awards will broadcast live on Sunday, Jan. 27, 2013, at 8pm EST, simultaneously on TNT and TBS.

We can rest easy now: Sofia Coppola’s new film, The Bling Ring, has finally found a distributor. Production company A24 will distribute the film, which follows a group of teenage thieves who rip off celebrity homes. Bling is currently set for a June 2013 release. [Deadline]

Michael Fassbender is going from professional sex addict to time-traveling assassin for Assassin’s Creed, the film adaptation of the hit video game – which on Wednesday finally locked down a writer. Playwright Michael Lesslie will pen the adaptation, which centers on an average joe (Fassbender) who is kidnapped by government operatives and exposed to an experiment that unlocks his past lives spent as an assassin. Yep, that’s happening. [The Hollywood Reporter]

Didn’t get a chance to see Beasts of the Southern Wild during its original theatrical run? No worries, Fox Searchlight is re-releasing the Oscar-nominated film on January 18 in select theaters. Beasts, which came out early last summer, is nominated for Best Picture, Director and Actress. [Deadline]

Will you check out Beasts of the Southern Wild this weekend? Let Celebuzz know by posting in the comments section. 

In WTF casting news, Jennifer Grey is reportedly starring in a Lifetime movie based on the “Bling Ring” — a group of troubled Hollywood kids who were busted for breaking into the homes of Paris Hilton, Lindsay Lohan and other celebrities. 

The gang — which made off with $3 million in cash and jewelry — became notorious for their crimes, even launching one of the group members (Alexis Neiers) into reality show stardom. Although the Pretty Wild star is the most “famous” of the bunch, Jennifer is said to be taking the lead in a different direction.

Nick Prugo, who admitted “there was a definite thrill to it,” when he talked to Good Morning America, will apparently be a central character in the TV drama, with the Dancing with the Stars champ cast as his mother. 

Due to legal reasons, names of the individuals will be changed, however. 

One of the more interesting aspects of the case, aside from the initial “who dunnit” mystery factor, is that the Bling Ring kids came from affluent neighborhoods around Hollywood. They often referred to their crimes as “shopping” and said they targeted celebs using the internet to research addresses and out of town schedules. The scheme started off small, then apparently escalated.

“It didn’t just come together overnight. This was built up over years, well, a year and a half,” Prugo told GMA. “It escalated into homes and then celebrities’ homes and it became very big, very fast.”

The group was caught on tape — twice — but that didn’t stop their activities. When he was nabbed by police, Prugo admitted to everything, including crimes authorities didn’t even know they’d committed.

Given the nature of Lifetime movies, it is likely to follow the trials and tribulations on the home front — with Grey’s character trying to make sense of her son’s secret nighttime activities. 

The movie is reportedly slated for late summer. Will you watch? Tell us in the comments below, and be sure to follow Celebuzz on Twitter, Facebook and Tumblr for more celeb news and photos!