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From the liner notes

Five people are invited to stay the night in a haunted house by eccentric millionaire, Fredrick Loren (Vincent Price). Anyone who stays the entire night, and survives (the house has a history of brutal murders), will receive $10,000. Guests are given their own sardonic party favor—a small coffin containing a loaded pistol. And, to further set the mood, each arrive in a hearse, the electricity is turned off, and all doors are locked at midnight, allowing no means of escape. Creepy!