Get past the flashing sign of the nude woman outside the Lusty Lady, in San Francisco. This is actually a story about real estate. Share The Lusty Lady Strip Club’s Basement Will Become a New Cocktail Bar. Downtown’s former Lusty Lady strip club, Eater Seattle Sign up for our. But the Lusty Lady is unique among San Francisco strip clubs. It's one of the few nude venues that uses the "Peep-show" arrangement. .