Abstract: A modular wall system (8) is provided for constructing ornamental, privacy and acoustical type walls having exterior surfaces of stucco and other decorative material. The system (8) features polymer spacers (14) and vertical metal sleeves (16) onto which are glued opposing pairs of substantially rectangular polymer panels (12). Spacers (14) and/or sleeves (16) that are present at the ends of some modules (10) extend out from between the pairs of panels (12) to allow adjacent modules (10) to be interlocked. A wall may be rapidly constructed since fabrication of the wall is almost entirely complete prior to transportation to the intended site, the only on-site construction being to dig footing holes (40) and pour concrete into the sleeves (16) to simultaneously form concrete footings (42) and concrete support columns (44). The slidably interlocking nature of the individual modules (10) makes the system (8) especially resistant to damage from earth movement.