The landmark Hustler Hollywood store on the Sunset Strip in Los Angeles is to be bulldozed to make way for an upscale new nightclub and lounge backed, in part, by actress Gwyneth Paltrow.
TMZ cited unnamed real-estate sources as saying Paltrow and her business partner Gary Landesberg recently bought the property from porn titan Larry Flynt. The terms of the pact were not disclosed.
Paltrow and Landesberg intend to build a West Coast location of the popular Arts Club franchise, which includes spots in London and Aspen. Landesberg is the chairman and principal shareholder of the clubs, while Paltrow is an investor and a board member.
The new facility, which will house a luxury restaurant and a nightclub/lounge, will also host arts events such as poetry readings.
The club prohibits swearing and expects members to adhere to a strict dress code.
TMZ said the Hustler shop is moving to a spot near the Kodak Theater.
Paltrow won an Oscar for her work in the period romance Shakespeare in Love, but in recent years has reinvented herself as a lifestyle guru by penning cookbooks and curating the GOOP website.