Princess Triloff, an emigrée from Czarist Russia, escapes to America where she becomes a patron of the arts. She falls in love with the verses of impoverished poet Owen Carey and becomes his anonymous benefactor. When Owen inherits a fortune from his rich Uncle Krakerfeller, he assumes his uncle's identity and confers his own upon an impoverished friend, Frank Manners. At a resort, Owen meets the princess and falls in love with her, but is chagrined to discover that she is enamored with Manners. The princess finally discovers Owen's real identity and the two fall in love.

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