Terrifying moment A daredevil steps onto the ledge of an

Terrifying moment: A daredevil steps onto the ledge of an unfinished skyscraper in downtown LA to cover it with graffiti

Newly released footage shows the horrifying way artists covered an abandoned $1 billion Los Angeles building with graffiti.

Graffiti artists were able to cover 27 floors of Oceanwide Plaza, an abandoned three-building project owned by Oceanwide Holdings, with colorful tags last week.

In a video released today, a man wearing a red hoodie and gray sweatpants can be seen walking on the building's ledge without a seat belt while another man captures the moment.

The daredevil continues running on what appears to be a balcony while holding onto the walls of the plaza.

At one point, the videographer points the camera at the ground to show the glittering lights of the city.

It's unclear how many stories up the duo was when they took the photos.

In a video released today, a man wearing a red hoodie and gray sweatpants can be seen walking on the building's ledge without a seat belt while another man captures the moment

In a video released today, a man wearing a red hoodie and gray sweatpants can be seen walking on the building's ledge without a seat belt while another man captures the moment

At one point, the videographer points the camera at the ground to show the glittering lights of the city

At one point, the videographer points the camera at the ground to show the glittering lights of the city

The graffiti artists covered 27 floors of Oceanwide Plaza, an abandoned three-building project owned by Oceanwide Holdings, with colorful tags

The graffiti artists covered 27 floors of Oceanwide Plaza, an abandoned three-building project owned by Oceanwide Holdings, with colorful tags

After images of the graffiti went viral, several graffiti artists explained why the building was destroyed.

Merch, a graffiti artist, said taggers were inspired by a similar project for Art Basel in Miami Beach last year and wanted to “do an LA version.”

Speaking about how they gained access to the building, the vandals said the developers allegedly did not pay security guards on site.

“With all due respect, shit is abandoned and nothing is done. “Let's put some color in the picture and do what we do when they don't finish the job,” said an artist named Hopes.

The $1 billion mixed-use retail and luxury apartment project remained incomplete in January 2019 because the Beijing-based developer lacked funds to complete it.

After images of the graffiti went viral, several graffiti artists explained why the building was destroyed

After images of the graffiti went viral, several graffiti artists explained why the building was destroyed

Daron Burgundy, a witness, said the artists had been covering the building with spray paint for the past three nights

Daron Burgundy, a witness, said the artists had been covering the building with spray paint for the past three nights

Los Angeles police said in a tweet last night that they had been working with county officials to develop a plan to secure the property and remove the graffiti

Los Angeles police said in a tweet last night that they had been working with county officials to develop a plan to secure the property and remove the graffiti

Daron Burgundy, a witness, told KTLA that the artists had been covering the building with spray paint for the past three nights.

“I heard last night that people were traveling from out of state to paint here.

“The LAPD mentioned that there may be an Instagram post that appears to be inviting people to come.” It was wild to see. It's kind of interesting. It’s not that luxurious here anymore.”

The Los Angeles police announced this in a statement last night tweet that it has developed a plan together with district representatives to secure the property and remove the graffiti.

“Today, Central Department staff met with property management and representatives from CD 14 to work together to better secure the property and introduce additional security measures.

“The measures will be implemented immediately and the graffiti will be removed.”

At the time of construction, Oceanwide Plaza featured two 40-story buildings that accommodated 340 luxury condominiums and featured private screening rooms, a dog wash, and many other on-site amenities.

The building is directly across from the Crypto.com Arena and the Los Angeles Convention Center.

The Crypto.com Arena is home to the Lakers and hosted this year's Grammys on February 4th.