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A young medical student named Mark (Marland Proctor) inherits a decrepit ranch/tourist attraction from his late uncle, and must turn a profit with the enterprise within six months in order to possess it fully. He invites his fiancee, Brenda (Claudia Ream) and a gaggle of their freaky hippie friends to start living on the property and brainstorm some ways to make "Callahan's Old West" a success. However, the ranch's caretaker, Solomon (B. G. Fisher) warns the kids that an eerie spectral presence haunts the area, a headless horseman who rides through the night seeking revenge for a deadly shootout that occurred at the ranch in 1928. Sure enough, the mysterious horseman begins appearing, splashing blood from a disembodied head over the frightened hippies and driving some to accidental deaths. When gold is discovered in the land the ranch occupies, suspicions arise that perhaps the headless rider isn't a ghostly presence at all.