Donald goes to see Gyro Gearloose about some gadgets he was adding to the 313. First, it gets what seems its typical red paint color, but a changing gas can turn it into black to become the 313-X and applying the gas again turns it red again. Then they take a test drive to see the top speed and air boosters that allow the car to elevate slightly. To avert a bull, the car also emits sleeping gas.
Shortly later, they go to Donald's home, where Gyro shows the secret hideout he has built for Donald in the basement. After Donald tells him the hideout is for his Duck Avenger activities, Gyro uses one of his own "Car-Can Sweeties" to forget about the secret identity and the hideout.
After Gyro leaves, Uncle Scrooge arrives to give Donald the job of cleaning his theather. Donald calls from the secret hideout to his own house and, when Scrooge answers, Donald claims to be the police chief and that the Beagle Boys stole his money. Scrooge runs to the Money Bin.
Donald decides to see the ruins of Villa Rosa to see if there are some gadgets left, and there he finds what seem the ghosts of Fantomius and Dolly Paprika, but they actually are Gladstone Gander and Daisy in disguise, who are going to a charity party in Scrooge's theather (that's why he wanted Donald to clean it). Back at home, Donald finds Huey, Dewey, and Louie disguised as the Three Little Pigs and want him to be the Big Bad Wolf, which Donald refuses. After Donald finds the "Car-Can Sweeties" again, gets an idea.
Donald goes to Gladstone's house and pays a kid to ring the bell. While Gladstone answers, Donald enters through the window and puts two "Car-Can Sweeties" in his drink. When Gladstone drinks, he forgets all about the party and goes to sleep. Donald returns home and after dinner, he leaves a cassette recorder with a mask of his face in his bed, to make the nephews believe he's sleeping. Donald dresses as the Duck Avenger (save for wearing a Fantomius mask) and leaves through the secret hideout.
The Duck Avenger arrives to the party pretending to be Gladstone, and dances with Daisy until he decides to steal the charity money, but a falling coin awakens Scrooge, who was sleeping close, and there is a car chase until the Duck Avenger uses sneezing gas from the 313-X against Scrooge, who returns to the party telling what happened to Daisy, Huey, Dewey, and Louie, and they tell him the man disguised as Fantomius was Gladstone. Scrooge goes to Gladstone's house, but he can't remember anything until Daisy hits him with a painting. Gladstone acusses Donald and the nephews defend their uncle as they left him sleeping.
When everybody reaches Donald's house, he has already returned to his room to have an alibi. Then Scrooge's suspicions go back to Gladstone and Donald, who decides that Gladstone has had enough humiliation, tells Uncle Scrooge that, since Gladstone doesn't have the intelligence, bravery or dexterity of Fantomius, it must have been another guy and the money has to be at the ruins of Villa Rosa. Gladstone is scared at the chance to find Fantomius' ghost, so Donald claims he isn't afraid of ghosts. Daisy gets angry at Gladstone, who leaves, and all the rest go to Villa Rosa.
At Villa Rosa, Donald has bthe others remain behind, and then puts a Fantomius mask and cape to a wooden stick, and uses smoke bombs to make the others believe it's the ghost of Fantomius. Donald asks "Fantomius" for the money, and claims the ghost said he was the only one worthy to get the money back. Daisy, Scrooge and the nephews chher Donald when he comes back with the recovered money.