By Francisco Salazar (staff@latinospost.com) | First Posted: Mar 12, 2013 04:52 PM EDT

The Cannes Film Festival announced on March 12th that Baz Luhrmann's "The Great Gatsby" would open the 66th edition.

The film starring Leonardo DiCaprio, Carey Mulligan and Tobey Maguire tells the story of Nick Carraway, a Midwesterner who moves to Long Island and finds himself fascinated by the mysterious past and lavish lifestyle of his neighbor, Jay Gatsby. He is drawn into Gatsby's circle, becoming a witness to obsession and tragedy.

"Gatsby" is based on the acclaimed F. Scott Fitzgerald novel and will become the second 3D film after "Up" to premiere at the prestigious Film Festival. 

The movie was originally scheduled for release last Dec. 25, but Warner Brothers decided to avoid going head to head with another DiCaprio starrer, Academy Award nominee "Django Unchained," and opted for a May 10 launch.

Dicaprio last starred in "Django" with Jaime Foxx, and Christoph Waltz. He received a Golden Globe nomination for his performance ans won the National Board of Review for Best Supporting Actor. The thespian will next be seen in Martin Scorsese's "Wolf of Wall Street."

Mulligan last starred in "Shame" and "Drive" for which she recieved a BAFTA nomination. She will next be seen in the Coen Brother's "Inside Llewyn Davis."

Maguire last appeared in the Indie film "The Details" and starred in "Brothers" for which he received a Golden Globe nomination. The actor will next star in "Labor Day" with Kate Winslet and Josh Brolin.

Luhrmann's last directed 2008's "Austrailia." His previeious film, "Moulin Rouge!" opened Cannes in 2001, while his "Strictly Ballroom" screened in the Un Certain Regard section in 1992.

Previous films to open the festival include Wes Anderson's "Moonrise Kingdom," Woody Allen's "Midnight in Paris" and Kar Wai Wong's "My Blueberry Nights"

The Cannes Film Festival will open on May 15th.