#27: All Good Things Must Come to an End

Despite its legendary status, the original Studio 54 nightclub had a shockingly brief lifespan of just three years. This infamous club came to a crashing halt in February 1980 when the owners were convicted of tax evasion. This captivating image captures Steve Rubell, one of the co-owners, in the club’s backroom, his face a mask of disbelief and dismay, after a dramatic police raid in 1978 that signaled the beginning of the end for this iconic establishment.

The IRS perked up their ears when local newspaper ink spilled the tale of Steve’s jaw-dropping $7 million first-year earnings. The taxmen couldn’t resist such a tempting tidbit, and in no time, the police were knocking on their door. 1979 saw both Rubell and Schrager sporting handcuffs, accused of tax evasion. The club, their pride and joy, was sold off due to their financial folly.