The owner of a famed and storied Atlanta strip club died last month and a family trust has taken ownership of the property.

Bill Hagood, who founded and owned The Cheetah in Midtown, died Oct. 27, The Atlanta Journal-Constitution reported. At the time of his death, Hagood, who was in his 80s, was living in California where he was being treated for heart problems, the newspaper reported.

The club's ownership has shifted to a family trust, which reportedly has no intention to sell despite Hagood having signed a contract to sell the club to Chicago developer CA Ventures for more than $30M, Bisnow previously reported. Hagood's longtime partner Jack Braglia confirmed to Bisnow that the CA Ventures deal had fallen apart and the club was not for sale.

"His plans in his estate were to continue to run the business as long as it's feasible to allow his children to make some money and have income and, eventually, when the time is right, to sell it," Braglia told the AJC.

The Cheetah, at 887 Spring St. in the heart of Midtown, has been lusted after by developers for years. The property is entitled for high-density commercial development, according to city records. The fair market value of the property is $1.28M, according to Fulton County Tax Commissioner records.