The legendary Viper Room, a rock club on LA’s Sunset Strip once owned by Johnny Depp and formerly home to high stakes poker games that included Toby McGwire and Leonardo DiCaprio and was the site of River Phoenix’s overdose death in 1993, has been sold and could be demolished to make way for luxury apartments or a hotel.

First reported in the LA Business Journal and then Variety, the 250-capacity club was one of four Sunset Strip properties sold last month in a real estate deal valued at $80 million. The three Sunset Blvd. properties and a parcel of land located at 1029 Larrabee St total 16,000 square feet of space and sit on 38,000 square feet of land.

“There’s not a development plan in place,” Jim Cooper, a director at REM Finance Inc. of Scottsdale, Ariz., which represents the buyer — 8850 Sunset LLC, also of Scottsdale — told the Journal. “They’re looking to see what the highest and best use would be.”

In 2001, Depp’s had a falling out with business partner Anthony Fox, who sued Depp but went missing just days before a jury was set to deliver what could have been a favorable verdict for Fox. Fox was never found, although police did eventually locate his vehicle. In 2004, Depp quietly turned control of the Viper Room to Fox’s daughter Amanda.

The venue was sold to Blackhawk Partners in 2004, and then sold again to Harry Morton, the son of Hard Rock Cafe founder Peter Morton in 2008 with plans to expand the Viper Room brand and create similar clubs in Las Vegas, Miami, Portland, Seattle, New York, London and Tokyo.