Construction in progress, restoration and upgrade of historic multi-level Palazzo. Out-of-state trustee says offer it to local buyer or developer to bring project to completion. Priced to sell promptly, rare opportunity to acquire at a bargain price a large, prestige home in prime location. Once owned by a major motion picture studio, was a famous celebrity party home during Hollywood's Golden Age of the 1930's. Magnificent, picturesque, panoramic views of ocean, canyon and mountains. Structural portion of Phase 1 is nearly finished. Per owner, this consists of 6,860 sf on 3 levels and includes 5-6 BR, 6 BA, grand living/ballroom, music, bar, formal dining, chef's kitchen and large viewing decks. Phase 2 will add theater, wine cellar, maid's, gym, 6-car garage; 3,450 new sf for a total of 10,310 sf. Plans for elevator will connect these new lower floors to living areas in the house above. A very beautiful, stylish home in progress, once-in-a-lifetime opportunity!