It emerged last week (ends05Apr15) that the actress has purchased the property with her business partner Gary Landesberg with plans to transform it into The Arts Club, an exclusive restaurant and lounge, while Flynt is relocating the erotic shop to the Hollywood and Highland area.

The publisher is adamant he sold the property to Paltrow for an inflated sum and is uncertain whether he will visit the exclusive venue once the actress has redeveloped it.

He tells TMZ.com, "I sold the building for a lot of money. I don't know (about visiting Paltrow's club). I know that I'm relocating my store over in Hollywood... I sold the building for six times what I paid for it."