Penelope Cruz Channels Old Hollywood Glam at the 2012 Oscars (PHOTOS)

Amanda Hasaka / February 26, 2012

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How fabulous does Penelope Cruz look?!

The actress looked like she stepped straight out of the 1920s as she walked the 2012 Academy Awards red carpet on Sunday in this stunning purple gown. She even went with a very chic Grace Kelly-esque bob ‘do.

Love it!

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