Yep, it's still there, 123 years after it was first erected.

The only official state royal residence went neglected for many years after the overthrow, but supporters began a major restoraton in the 1970s -- around the beginnings of the "Hawaiian Renaissance".

And, like Chuck said, it was around this time that the exterior was used as the HQ for Hawaii 5-0.

http://www.iolanipalace.org