The 42-year-old actress is said to be planning to turn the iconic store on the Sunset Strip into a members-only club, according to the LAist. Just blocks away from the exclusive SoHo House, Paltrow and Gary Landesberg, The Arts Club chairman, have reportedly purchased the West Hollywood establishment.
Reports claim their intention is to make an Arts Club similar to the one in London that has been around since 1860s. In fact, Charles Dickens is thought to have been a member.
Membership to the London branch is about $2,000 per year and is described on their website as a "place where creative and entrepreneurial patrons come together to meet, exchange ideas, dine and participate in the various events' pertaining to arts, literature, or sciences." This sounds right up Paltrow's alley!
There are some rules though: No swearing or bets are allowed at the club, and there is a strict dress code. These rules are assumed to also be adopted at the WeHo branch as well.
Meanwhile, Larry Flynt's Hustler shop will be moving over to Hollywood and Highland.