Loosely based on actual events?
There are some similarities between the film and the early career of actress Elissa Landi. In the film, Lombard plays a faux European princess seeking a movie contract.
In 1930, British actress Elissa Landi received a movie contract from Fox after performing in only one Broadway show. There are some controversial reports that Elissa may have been the granddaughter of Empress Elisabeth of Austria.
Elissa's mother, Countess Caroline Landi, wrote a book claiming to be the daughter of Emperor Franz Josef of Austria and Empress Elisabeth. Another book titled "My Years at the Austrian Court" by Nellie Ryan, also said that Caroline was the daughter of the Emperor and Empress. The books are controversial.
Elissa Landi said she wished the accounts of her possible royal ties had never been publicized. She wanted to be judged on her own merits.
http://immortalephemera.com/8024/elissa-landi-classic-film-star/