Every year, four affluent old friends -- Ricky Hawthorne (Fred Astaire), Sears James (John Houseman), Dr. John Jaffrey (Melvyn Douglas) and Edward Wanderley (Douglas Fairbanks Jr.) -- meet to tell ghost stories. When one of Wanderley's sons dies mysteriously the day before his wedding, and the ghostly apparition of a beautiful woman appears on the ice, the four old friends have no choice but to piece together one last story -- this one more terrifying than all the others, because it is true.