Instead, A Beautiful Mind took the biggest prizes - winning the best picture Oscar and best director for Ron Howard.
It missed out on best picture Oscar, and director Peter Jackson went unrewarded for his efforts behind the camera.
Another Brit took that Oscar - Jim Broadbent as best male supporting actor for Iris.
But there was also bad news for Harry Potter, which had been nominated for three technical Oscars. Despite taking more money than any other film in the past year, it failed to pick up a single award.