David Arquette has completed a multi-million dollar deal to buy a notorious Los Angeles strip club, according to a U.S. report.

The Scream star has paid $1.5 million (£882,353) for the infamous Crazy Girls venue and plans to completely remodel the club and turn it into a burlesque show, according to Tmz.com.

The news comes two weeks after Arquette spoke about the plan during an appearance on U.S. late night talk show Watch What Happens Live, insisting he had yet to seal the deal.

The acquisition of Crazy Girls expands Arquette's business portfolio, which already includes shares in Beacher's Madhouse, a vaudeville-inspired nightspot in Los Angeles run by comedian Jeff Beacher, and nightclub Bootsy Bellows.