I would say that is a major floor pan rust out. I noticed that picture too. You have to see it in person, but that doesn't look good. It's not hard to find a nice rust free one on the Bay for not a lot of money. These Cadi's are a bargain, same as Toronado's. Maybe because of front drive, but it seems the big luxo barges of the 60's & '70's never caught on. 67-70 Eldo's are a nice size, and one of the best built cars of the era. Hands down they can compete with any Euro trash of the same vintage, including Rolls and Benz for quality. Style wise they are very unique and stand up well. If you want I can ask the guy in Woodstock if he will sell any of his. He has quite a fleet, just sitting.
Actually 1960's and 70's land barges seemed to be coming on strong in the late 1980's but never recovered after the last recession-they are a bargain-in most cases you can buy a really nice car at a fraction of the price of something more mainstream-this might be a good time to be buying ! Earl found a great one at a great price.
Check out this '68 in Michigan, starting at $4995 http://cgi.ebay.com/ebaymotors/eldorado-rest9ored-fleetwood_W0QQitemZ290297518071QQihZ019QQcategoryZ6147QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
Check out this '68 in Michigan, starting at $4995 http://cgi.ebay.com/ebaymotors/eldorado-rest9ored-fleetwood_W0QQitemZ290297518071QQihZ019QQcategoryZ6147QQssPageNameZWDVWQQrdZ1QQcmdZViewItem