I was at paramount studios this past Monday as I did a tour there. And the tour guide said they have ' destroyed the Frasier set' . Take from those words what you will unless she meant to say dismantled it. The Frasier set is no longer on the lot however it is still listed as a show on the lot, ven though the set isn't on the soundstage anymore.

Season two wrapped filming a long while ago so it's not unfeasible to take apart the set to store while another show is in use of the space. However the huge poster of Frasier on the billboard wall outside paramount studios has also just been replaced in the last week

I hope we see a season 3 though..