A "For Sale" sign has once again taken up shop on the abandoned Club Overboard/Twisted Palm building along U.S. Hwy. 98.

"… the deal is now dead," local developer Damon Becnel wrote in a text message to The Log.

The proposed development, which was tabbed as the Family Hunt Club, would have been a "multi-function entertainment complex," Becnel told The Log recently. The project would have brought a combination of an Italian pizza kitchen, motorcycle sales, accessories and repairs, and an indoor archery and shooting range to the building that has sat empty since closing in December 2010.

The project had already received a green light from Okaloosa County planners. Paperwork on file at the City of Destin showed that the property and the building would be sold for $1.5 million. A closing was expected to take place Dec. 20, but it wasn't the case, according to Becnel, who is the son of Sandestin owner Tom Becnel.

Currently out of the country, Becnel said the deal fell through after the property owner, Rick Olson, decided to raise the price.

A message left for Olson wasn't returned before press time.

Local Realtor and Broker John Paul Somers is working on the deal to sell the old restaurant and nightclub and the land, and he said the project is still up in the air.

"The status is yet undetermined," he told The Log.

The news is the latest saga for a building that has seen many transformations over the years. The building’s most recent incarnation was mired by controversy after a rash of incidents led military brass to ban servicemembers from attending the club. Prior to that, the building was the PunchLine Comedy Club, LaRocco’s Italian restaurant and bocce bar, and Nigel Manley’s World Grill and Microbrewery.