Tiberius

With big games (or at least heavily pushed like God of War 3), the market costs can easily exceed the development costs. It might be an extreme example, but in Modern Warfare 2's case, the marketing (including distribution) was about $150 million+, compared to a $50 million development budget.

Yamauichi mentioned the $60 million budget just recently.

And I think one thing to note is that God of War 3 has been in development for about 2 years or slightly more. Whereas Gran Turismo 5 has been in development for roughly 5 (while rebuilding the game completely from previous ones) and has to deal with an extraordinary amount of licensing.