Steve Rubell was known as the co-founder and co-owner of the world famous New York nightclub Studio 54. Born and raised in New York, Rubell and his business partner Ian Schrager operated a number of restaurants and offices before deciding to create the ultimate nightclub. Renting a vacant theater on west 54th Street in Manhattan, New York, they opened Studio 54 in April 1977. Their goal was to have a club where anyone could get invited and anything would go within it. After a unrepresented opening which it made $7 million within the first year, Studio 54 drew many people and celebrities to its unconventional parties and gatherings. Drugs, alcohol and sex of all kinds inhabited the place which made it all the more notorious and controversial.By the end of 1979, the excess and business of Studio 54 caught up with Rubell and Schrager when they were arrested by the IRS for income tax evasion and were sentenced to three years in prison. They both were paroled after serving 13 months and tries operating Studio 54 but without success. Selling it, Rubell and Schrager went into the hotel business where they bought out and operated a number of upscale hotels.Rubell, a closeted homosexual, was diagnosed HIV positive in 1985, but incredibly denied his condition and continued his excess lifestyle of drinking, drugs. Rubell died in 1989. Schrager continues running their hotel they started.