Nancy arrives in Phoenix, Arizona, eagerly looking forward to a fun-filled vacation at Shadow Ranch but finds herself embroiled in a baffling mystery involving a phantom horse and buried treasure.

On a visit to Misty Lake, Nancy helps her friend Cecily discover the truth about a family treasure hidden before the Civil War - the only clue being half of a golden locket. She also investigates allegations by Cecily's fiance that his record company is cheating him out of royalty payments.

Nancy Drew determines if an ivory elephant charm really protects its wearer from harm when she investigates the involvement of a member of the Bengleton Wild-Animal Show in a mysterious scheme.