Which movie holds the record for most Oscars but was not nominated Best Picture?

The movie that holds the record for most Oscars without a Best Picture nomination is "The Lord of the Rings: The Return of the King" (2003). It won 11 Oscars, including Best Director, Best Adapted Screenplay, and all three technical categories (Best Cinematography, Best Film Editing, and Best Makeup). However, it was surprisingly snubbed for the Best Picture award, which went to "The Lord of the Rings: The Return of the King".