Aloysius T. McKeever (Victor Moore), a hobo, makes his home in a seasonally boarded-up Fifth Avenue mansion, each time its owner—Michael J. O'Connor (Charles Ruggles), the second richest man in the world—winters at his Virginia estate. McKeever winds up taking in ex-G.I. Jim Bullock (Don DeFore), who has been evicted from an apartment building O'Connor is tearing down for a new skyscraper, and later 18-year-old Trudy "Smith" (Gale Storm), who is actually O'Connor's runaway daughter. Jim soon invites war buddies Whitey (Alan Hale, Jr.), Hank (Edward Ryan) and their families to share the vast mansion when they are unable to find homes of their own.