Postponed Beverly Hills Cop 3?

I once read that Beverly Hills Cop 3 was originally written as being about Paul Reiser's character getting killed by British gangsters, and Eddie Murphy having to team up with a British cop (John Cleese) in London to get his revenge. Supposedly, it was shelved because it was too similar to Black Rain (another Paramount movie) and when Beverly Hills Cop 3 was finally made, years later, it was set in a theme park.

Is this true? It certainly sounds plausible, though saying that every Axel Foley movie saw him a) avenging a friend's shooting and b) doing this as part of a mismatched cop team.
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