Then in 1990 it was demolished by Paul Terry, who had a dream to build a 5-star boutique, colonial-style hotel with bar and restaurant. It also had a separate building called the Extravaganza; it housed a few shops and a vintage car museum (the museum was later closed in 1993 due to Paul Terry's death and the collection was sold as too was the hotel). In 2006 plans were made to demolish the Esplanade and surrounding buildings for a new modern apartment hotel. The Extravaganza building and adjoining units were demolished in early December while the existing hotel was demolished in early 2007. The controversial move resulted in mass protest, and the site lies empty to this day. The Singaporean investors responsible put the hotel site back on the market in 2010. In November 2014, the site was sold to LandCorp for $7 million and will be developed at some time in 2016.