Richard Alden, an artist, goes to Laguna, California, to paint the beautiful cliffs and shore which make this village one of the most talked-of-places in Southern California. There he meets a young lady from the city, and their acquaintance soon ripens into love. For a while all goes well, and the little, elfin sprite, a waif of the beach, who unknown to them, watches them from day to day and weaves the dreams of romance and fairyland about them, sees nothing but happiness. Soon, however, comes a young millionaire, and choosing between love and worldly ambition the young lady sails away with the millionaire, both questing for happiness along the paths of wealth and power. Broken-hearted the artist feels that his pursuit of happiness has been in vain. How the little waif of the beach, budding into womanhood, shows him the true path, and how in later years the son of the rich man and the daughter of the artist bring the two men together again in a stirring revelation of what life has meant to each of them, is told in the latter part of this play.