At the Cocoanut Hotel, Polly Potter, the daughter of a rich widow, has become romantically attached to Bob Adams, the hotel’s clerk. Florida is in the middle of a land boom, but Bob reveals to Polly that the property around the hotel is too hilly to be developed conventionally. As an aspiring architect, however, he has dreamt up innovative ways to build on the difficult terrain.
Mrs. Potter wants Polly to stop seeing Bob. She would prefer an alliance with the seemingly respectable Harvey Yates. Meanwhile, Henry W. Schlemmer, the hotel’s proprietor, tries to interest Mrs. Potter in buying “Cocoanut Manor” property near the hotel.
Yates, conniving with an old disreputable chum of his, Penelope Martyn, concocts a complicated plan to steal Mrs. Potter’s diamond necklace, which is hidden in her room next to Penelope’s.
That night, various parties enter and exit Penelope and Mrs. Potter’s adjoining suites. Penelope is able to nab the necklace. But Silent Sam, unseen, discovers where she and Harvey plan to hide the purloined treasure.
Schlemmer enlists Willie to help drive up bids at the Cocoanut Manor auction, but the plan backfires. Also at the auction, Harvey and Bob bid for the same lot. Bob prevails. But just then, the theft of Mrs. Potter’s necklace is announced. Mrs. Potter gets her necklace back, but the wrong man is arrested!
Mrs. Potter insists now that Polly become engaged to Harvey. She plans an elaborate engagement party at the hotel—a masquerade ball with a Spanish theme. This smart event becomes the setting where, with any luck, wrongs will be righted and true love will triumph.