The IRS arrest Steve (Mike Myers) and he goes to jail for a year and a half. Some time later he sells Studio 54 to some big companies and he becomes a consultant. Anita (Salma Hayek) releases an album but some people think it's "too disco." Shane (Ryan Philippe) goes to classes at NYU during the day and manages a restaurant at night. Greg stops dealing drugs and gets a job in construction. Steve throws a welcome back party and Greg, Anita and Shane reunite. Studio 54 closed its doors in 1986. Steve dies in 1989 at the age of 45.