This home is located on a private island of just eight homes next to the village of Balboa Island where various restaurants, boardwalks and shops can be found, and is also next to the Newport Peninsula, which provides a spacious public beach.  The bay front home has a tropically landscaped patio which stretches over 200 feet of harbor frontage with palm trees and plants and an open sand pit with a hammock. The home is fully furnished and has a two-car garage and a separate billiard room with a pool table and bar. Almost every room in the house has views of the bay including 2 of the 3 bedrooms (the master and guest BR 1), the billiard room, living room with fireplace and formal dining room. The two guest bedrooms have queen size beds and the master has a king size bed and full bath. Part of what makes this home so unique is that it was owned by the famous actor, James Cagney, whom locals say won this home in a poker game.