After having been swindled out of all their money by a crooked business manager, formerly wealthy socialites Jerry and Carol discover that they owe their chauffeur and maid back wages they are unable to pay. They're forced to let their former employees live in their luxury apartment in lieu of paying the money they owe them.

A theatrical troupe headed by a flashy showman finds itself in the tiny--and bankrupt--kingdom of Belgardia. The showman falls in love with the daughter of the dotty king, who has promised her to another.