A photographer plans to murder his rich young wife after she catches him cheating on her and threatens to divorce him so he won't get any of her money. He arranges for her to have an auto accident. However, instead of killing her, the accident only causes her to lose her memory, and the doctors say that it could return at any moment.

The internationally famous Worldwide Studios has hit hard times and is forced to sell its Hollywood backlot to property developers. The trouble is someone keeps killing off the site surveyors. The studio chiefs then learn of the legend of a masked man who lives on the lot and is sworn to protect it from harm.