Just Reduced $200,000!! This rare property in the Lake Hollywood Knolls offers investors an excellent opportunity to develop it. Situated on a private hill with a large, gated 23,732-foot lot and 150-foot driveway, this home has fabulous 300-degree views of downtown LA, city lights, the coastline, the Valley, the mountains, and the Hollywood Sign. The home is sold "AS-IS." There will be no credits or price reductions. The price of the home has been set to reflect the work needed to restore it to its full potential. It may be a cash sale, as many rooms are stripped down to the studs. There is also some geological work to do on the hillside. Reports are available to prospective buyers. The home's existing footprint shows 2,268 square feet on the public record. The home's floor plan is excellent, providing views from virtually every room and around the property's exterior. There may be room for a casita or guesthouse. This home was part of a larger family compound. Beautiful vistas and outdoor areas surround the home, complemented by an outdoor fireplace in the backyard. There is also an observation deck above the garage with breathtaking views and a workshop accessory building. Electrical, plumbing, and mechanical are all functional, and the A/C system is newer. Great location, 5 minutes close to the Hollywood Bowl, Whole Foods, Trader Joe's, Ralph's, shopping and restaurants. Hiking trails and walking around the lake are a short walk away and only 6 miles to the Burbank Airport. Easy to show. Please note that the seller may need up to two weeks past the close of escrow to clear out some personal items from the garage and driveway.