One of the most iconic nightspots and live music venues of the ’90s, Los Angeles’ The Viper Room, could soon be demolished after being sold for an eye-watering amount of money.

First opening in 1993 thanks to Johnny Depp, The Viper Room soon became one of the coolest venues in all of Los Angeles. Following an opening-night gig by Tom Petty & The Heartbreakers, the nightspot became known for its ultra-hip clientele, which included high-profile actors and musicians, and hosted an array of huge concerts over its life span.

However, it soon became known for its fair share of controversy, which included the time when Aussie actor and singer Jason Donovan had a drug-related incident at the venue, and when promising young actor River Phoenix tragically overdosed in October of 1993.

The latter incident sadly helped The Viper Room become a household name, allowing it to become synonymous with the excessive nightlife of Los Angeles.

Now, 25 years after it first opened, the club could be set to permanently shutter its doors, with rumours of an impending demolition also looming.

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As the Los Angeles Business Journal reports, The Viper Room was one of four properties sold last month of Los Angles’ Sunset Strip as part of an $80 million deal.

“There’s not a development plan in place,” explained Jim Cooper, a director at REM Finance Inc. who represents the buyer. “They’re looking to see what the highest and best use would be.”

Despite claims that no plans of development are in the works, rumours have begin to circulate that the club could be demolished to make way for apartments or a hotel. If this did occur, it wouldn’t be the first time that an iconic LA venue was taken down for the sake of urban progress, with the House Of Blues shutting down in 2015 to make way for a luxury hotel.

While Johnny Depp’s name is often synonymous with the club, the Hollywood actor only own the venue from 1993 until 2001, when he had a legal falling out with his business partner Anthony Fox. While much speculation continues about the whereabouts of Fox (who disappeared prior to the return of the jury’s verdict), Depp handed control of the business over to Fox’s daughter Amanda in 2004, before it was bought and sold a few more times over the years.

Check out Johnny Cash performing at The Viper Room:

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