Romantic fairy drama, also considered an allegory depicting man's greatness and weakness.
Julius von Flottwell, richly endowed from childhood by the fairy Cheristane, who loves him, spends his money generously but unwisely. Cheristane sends the spirit Azure disguised as a beggar, as a warning of what the future will bring. The beggar visits Flottwell four times; each time Flottwell lavishes money on him, and each time the beggar demands more, until finally in a rage Flottwell attempts to kill him. Twenty years later Cheristane's prediction comes true: Flottwell is an impoverished beggar. His castle is owned by his former secretary Wolf, who has made his fortune by robbing Flottwell.
When Flottwell is turned away, Valentin, his former servant, takes him in; but he is then turned out by Valentin's wife Rose. At this point Flottwell is again visited by Cheristane and Azure, who restore his fortune. Valentin meanwhile has persuaded Rose to change her mind and seeks out Flottwell to offer him a home with them once again. Flottwell repays this loyalty by inviting Valentin and Rose to live with him and share his newly gained wealth.