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' 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.
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