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Eldorado is an EP released only in Japan and Australia by Neil Young and The Restless, which consisted of Chad Cromwell and Rick Rosas.

Rightly suspecting that the record was a return to form for him, after the experimental recordings Young produced in the 1980s, Young perversely limited the EP's release as if to say, "I'm back, but you've gotta find me." It was a precursor to 1989's Freedom. It contains different mixes of three songs that appear on Freedom, "Don't Cry," "On Broadway," and "Eldorado," and two tracks not available on any other recording, "Cocaine Eyes" and "Heavy Love."

It is claimed that "Eldorado" came about as a direct result of Young's reunion with Crosby, Stills & Nash on 1988's American Dream - the proto-grunge sound of Eldorado an extreme contrast to CSNY's lightweight folk/pop - and that the song "Cocaine Eyes" in particular is a critique of Stephen Stills' condition during the making of that album. The recording of "Cocaine Eyes" is a classic example of Neil Young's lack of interest in production techniques: the track begins with Young's trademark "Old Black" guitar feedbacking away; responding to a protest from his guitar tech, Young replies, "Yeah, but that sounds good, though!" and begins playing the song. The "Don't Cry" track on Eldorado is distinguishable from the version on Freedom as some of the more free-form guitar work was edited out (at the insistence of co-producers Niko Bolas and Frank Sampedro). When Young's archivist Joel Bernstein first played Eldorado for Graham Nash, his response was, to wit, "I absolutely hate this record." Young was reportedly delighted by his reaction.