Princess Wilma is forced to wed by midnight or lose her inheritance. She impulsively chooses gypsy vagabond Latzi, offering him a huge sum of money if he'll consent. Swallowing his pride, Latzi agrees to the marriage, but soon the coy Countess falls in love with young Lieutenant de Tokay, who is himself in love with Latzi's gypsy sweetheart Tinka.

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