When Nick and Jan Cheyney move into a run-down apartment in San Francisco in 1977, they find a mysterious message scrawled in lipstick behind the wallpaper. The previous occupant was an exuberant actress named Maddie Marsh. Her former lover, Al Turner, now owns the house. Al tells them Maddie had a chance to star in a silent movie for Cecil B. De Mille but was killed on her way to start shooting.
Nick is fascinated by the long dead flapper and Jan wishes she could be like her. Her dream comes true. Before long, the ghost of Maddie appears to Nick - and then possesses Jan's body in the middle of an important social event. Nick falls in love with Maddie in his wife's body. When Maddie catches sight of a movie in colour and sound, she decides to have another go at becoming a star, using Jan's body to do it.
Romantic farce ensues when Maddie meets her former lover, Al, now an old man - and Nick's rapacious employer, the wealthy and influential Cordelia van Arc.