Sorry, I was wrong earlier......only $11,000 for the movie. And here's a cost breakdown from an EW article:
How to make a movie for $11,000
Director Oren Peli reveals where every penny went
Camera (Sony FX1): $3,000
+
Red Bull: $100
+
Miscellaneous camera equipment (tapes, lights, lens, batteries, microphone): $1,000
+
Editing PC (Dell) and editing software (Sony Vegas): $4,000
+
Catering (groceries and Pizza Hut): $500
+
Casting costs, accommodations, trips to L.A.: $1,000
+
Wood for making a cross: $20
+
Baby powder: $3
+
Materials and printing costs for Ouija board: $35
+
Actors (Micah, Katie, and others): $1,500
+
Cop costume rental (for deleted scene): $400
TOTAL: $11,558