After nearly three decades serving as South Beach's premiere gay bar and restaurant on the neighborhood's famous Ocean Drive strip, Palace is closing its doors.

The bar, which is known for its legendary live drag performances, is celebrating its history with weekly performances dedicated to different decades of gay liberation this month, starting on June 10 with a 70s-themed disco party honoring the start of the gay rights movement.

Although the bar is eventually planning to reopen in a new location, it's officially saying goodbye to its home on 12th Street and Ocean Drive on July 4.

In an effort to pay tribute to the gay hotspot, which at one time welcomed Elton John, Madonna, Gianni Versace and Princess Diana as guests, drag queens Bianca Del Rio and Lady Bunny recorded video messages to say goodbye.