Michael Ault, owner of the Pangaea clubs in Austin and elsewhere and the man behind legendary New York clubs like Spy and Chaos, checks in with the scene (New York) where he once reigned.

How did you start in the nightclub business? Growing up in Palm Beach in the 1970s, every night was a party. All the families on the social scene were expected to host large events at their homes, mostly charity balls and large dinners. Both my mother and father's family took this ethos to extreme lengths. So as a child, most of what I recall were large parties, planning, logistics, caterers, florists, car parkers, bands, guest lists, phone books, and fun. No one ever considered them "businesses," because they weren't, but they were extremely complicated productions to produce and promote. To be completely frank with you, I'm not certain that I was ever really a component of the nightclub business. In many ways, the concept of a business and "party" are often mutually exclusive. If you're concentrating on the business, you'll often lose sight of the party. And naturally the reverse is invariably true. But to answer your question, my first clubs as an owner were Merc Bar and Surf Club.

Try crowning the fashion capital of the world -- cases can be made for London, Milan, Paris, or New York. But a collaboration between Karl Lagerfeld and a Dubai developer is looking to seal the deal for the burgeoning emirate. With a little help from Lagerfeld, "Isla Moda" will literally serve as the fashion capital of The World. One of the islands in Dubai’s global-replica island chain will feature a collection of 80 “limited edition” homes designed by Lagerfeld. Say hello to haute real estate. “Isla Moda has tremendous potential to be the style icon of the future," says Lagerfeld, "and I intend on driving the island to high style stardom.”