Hollywood's legendary Viper Room to be demolished


Holly Aguirre
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The Viper Room, once owned by Hollywood actor Johnny Depp, will soon face the wrecking ball and be replaced with luxury condominiums, shops and restaurants.

The legendary Sunset Strip music club was opened in 1993 by Depp and actor Sal Jenco. Depp wanted a club where not only his celebrity friends could hang out, but also where he could play guitar – away from the prying eyes of the paparazzi. Jenco acted on 21 Jump Street with Depp.

To celebrate its opening night, Depp booked Tom Petty and the Heartbreakers to play the 250-capacity venue. Other groups such as The Cult, Tenacious D with frontman Jack Black, Hole, country legend Johnny Cash, The Strokes, Keanu Reeves’s band Dogstar and Juliette Lewis’s Juliette and the Licks all played the venue.

Adam Durtiz of Counting Crows fame worked behind the bar and referred to it as his “second home”. It is also where the Round Here singer met and courted actress Jennifer Aniston.

Adam Duritz, lead singer of the Counting Crows, used to work behind the bar at the Viper Room in Los Angeles, California. He would also sometimes sing. Photo: Gtvone
Adam Duritz, lead singer of the Counting Crows, used to work behind the bar at the Viper Room in Los Angeles, California. He would also sometimes sing. Photo: Gtvone

Other celebrity habitues included Sean Penn, Tobey Maguire, Leonardo DiCaprio and River Phoenix, who tragically died there on October 31, 1993. It is also where INXS frontman Michael Hutchence gave his last performance before taking his own life a week later.

In 2018, the Viper Room and several adjacent buildings along the Sunset Strip were reportedly sold for $80 million to a buyer known simply as 8850 Sunset.

Other businesses on the block will be levelled to make way for a hotel, 26 condominiums and eight income-restricted housing units. Cafes, shops and the Viper Room entrance will be part of a two-storey platform at street level, while the hotel will rise up to the fifth story, according to The Daily News.

Depp owned the Viper Room until 2004 when he turned control over to Amanda Fox, the daughter of his missing business partner Anthony Fox. Depp and Mr Fox had fallen out of favour and then Mr Fox went missing. His vehicle was later found by police, although he never was.

The Viper Room’s last owner was Harry Morton, son of Hard Rock Cafe founder Peter Morton, who bought it in 2008 and planned to open similar clubs in Las Vegas, Miami, Portland, Seattle, New York, London, and Tokyo.

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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.

Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).

Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.

The flights: South African Airways flies from Dubai International Airport with a stop in Johannesburg, with prices starting from around Dh4,000 return. Emirates can get you there with a stop in Lusaka from around Dh4,600 return.
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Temple numbers

Expected completion: 2022

Height: 24 meters

Ground floor banquet hall: 370 square metres to accommodate about 750 people

Ground floor multipurpose hall: 92 square metres for up to 200 people

First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time

First floor terrace areas: 2,30 square metres  

Temple will be spread over 6,900 square metres

Structure includes two basements, ground and first floor 

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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

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Updated: September 20, 2022, 6:50 PM