 Millionaire Harrison Allen is concerned that his daughter Phyllis is dating a gold-digger, so, to test the man s loyalty, he signs away his entire fortune to his other daughter Gracie. Under the impression that her father wants the family to be as poor as possible, Gracie turns the family s mansion into a home for unemployed actors where she provides them room and board at no charge. Unfortunately, Mr. Allen was correct in his assumptions about Phyllis s boyfriend Ramon, and once the fellow learns that Gracie is the one with all the cash, he sets about trying to woo her into marriage.