The live-work space was recently listed for sale for $32 million.

The origins of this commercial and residential property are quite legendary. It was built in 1994 by actress Anjelica Huston and her artist/sculptor husband Robert Graham.

The owners added 20 feet to the 35-foot height zoning limit, resulting in a 55-foot-tall art complex unheard of elsewhere in Venice.

That alone makes it more conspicuous than its neighbours, and the fact that it reaches deep into the neighbourhood makes it even more remarkable.

This is truly a unique and special property in the heart of Venice," says Jennifer Merritt, a broker with Vista Sotheby's International Realty, who, along with Sotheby's colleague Kevin Sanderson and Travis Forster of Voight Real Estate Services, has put the property on the market. Forster) to list the property for sale." This is a modern castle, the largest and most coveted property in Venice Beach."

It's true that it's just steps from the beach, and many of the rooms in the grounds have ocean views.

But again, the size of the property cements its prominence. It sits on five lots with 125 feet of street frontage, spanning half a city block in a densely populated area. If you've ever been to downtown Venice, you'll see that homes and buildings are located right next to each other, and a property this size ...... Well, there isn't a second one.

If you've been to Venice, or even seen photos of Venice, you've seen this building - even though you may be completely unaware of its existence. The intersection of Windward Avenue and Pacific Boulevard, where the Venice sign hangs, is one of the most photographed sights in Los Angeles.

As you can imagine, the sign on the building is often featured in photos around the world, and its value cannot be overstated. It is also a recognised source of revenue generated by the building.

Merritt reports that the property currently has hand-painted advertisements for Patron Tequila and Aperol on the street-facing wall, on Windward Street, which generates $70,000 a month.

But those are just the pluses of the building's exterior. The interior is equally impressive. Originally constructed with small wings for private living space and large wings for gallery space, the structures have evolved into spaces that can be used for both living and business, or anything in between.

Much of the 15,460-square-foot interior features soaring ceilings and large windows that are strategically placed to maximise the effect of ethereal natural light.

Recent renovations include newly updated mechanical systems and a brand new Gaggenau kitchen, completed just a few months ago.

There are said to be four bedrooms and five bathrooms, but that's just the beginning, as the rooms can be modified to your liking at will.

And, there is room for more rooms to be built. According to Merritt, there's also room for a couple of three-storey townhouses on one side of the lot, which could be worth up to $7 million.

Since the current owners bought the site for more than $11,000,000 nearly a decade ago, it has been used as an art gallery, a private family home, a tech company's headquarters and a special events centre.

It's coveted for its expansive gallery space and proximity to one of America's best-loved beaches.

Last spring, design icon Dior closed Winward Avenue to use the building as a temporary runway. How much is the rent for three days? $150,000, Merritt reports.

Merritt says the current owner "has held the property for most of his life, creating success and wealth, and now he is finally willing to pass it on to the next imaginative owner."

Merritt said, "Representatives of marketing firms, artists and collectors, and entertainment executives have already shown strong interest.