Bill, I grew up right off Mulholland where all that footage was taken- spent about every night of my life from age 16-19 racing that exact section of road(along with 47 Hammer Bart) about six years after that clip was shot. Rich Beverly Hills teenage brats with then 30k sports cars( more like tens of millions today)- we spanked them all in our pithy Z28's and T/A's
Here's some more from then
https://www.youtube.com/watch?v=Md_jcC6OnIU