The story involves a hectic and hilarious chase as Mrs. Leautrec and her dashing son Paul stalk three incredibly beautiful diamonds through the ballrooms and bedrooms of Europe, using love and lust as tools of their trade. Hot on the trail of the third and finest diamond, our notorious heroes find themselves at an elegant New York disco where Mrs. Leautrec meets the diamond`s owner, Mr. Greenfield, while Paul strikes an unusual sexual bargin with The Lady In Red. Mr. Greenfield, a multi-millionaire, invites Paul and his mother to his annual masquerade and orgy. As hundreds of masked party-goers publicly pursue their favorite perversions, Paul and his mother are caught in a devious trap, causing them to lose the diamond to another thief.