August, 1994, The K Foundation
(one of the many names of The KLF
) did in fact burn a million quid
, and filmed it, hence the somewhat uninspired name of the film.
The film is, by all accounts, rather boring - it is just what it sounds like. It's 55 minutes of Bill Drummond and Jimmy Cauty tossing bundles of 50-pound notes onto a big fire, waiting, stirring the flames round a bit, lather, rinse, repeat. Independent journalist Jim Reid witnessed the event, and eventually wrote an article ("Money to Burn") for GQ magazine.
The first showing, 23 August 1995, to the people of Jura (where it was filmed) had a soundtrack, but as the whole affair was recorded with an 8mm camcorder, the sound was unintelligible anyway. Most later showings didn't have any sound, so the audience could provide its own soundtrack. Showings were followed by open discussion and debate on the meaning of the film -- was it Art? was it Madness? et cetera.
The last known showing of the film was 8 December 1995. Though several showings were attended by audience members with professional recording equipment, to date no known bootlegs of the video have surfaced.