The book is a re-telling of the classic "Beauty and the Beast" tale.
Variety.com said Krause, who is best known for his work on TV's "Six Feet Under" and "Dirty Sexy Money," will appear alongside Mary-Kate Olsen, Alex Pettyfer and Vanessa Hudgens in the film, which writer Daniel Barnz is directing in Montreal.
Krause will play the materialistic father of a wealthy, good-looking youth, played by Pettyfer, who plays a mean trick on a classmate who turns out to be a witch, played by Olsen, the entertainment industry trade newspaper said.
Krause also will soon be seen in the new TV series "Parenthood."
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