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The Grandstand rock formation on Death Valley's Racetrack Playa. Racetrack Playa is a seasonally dry lake (a playa) located in the northern part of the Panamint Mountains nestled between the Cottonwood Mountains to the east and the Last Chance Range to the west in Southeastern California. The Racetrack Playa is known for its 'sailing stones' which are rocks that mysteriously move across its surface.