A celebration of love and creative inspiration takes place in the infamous, gaudy and glamorous Parisian nightclub, at the cusp of the 20th century. A young poet, who is plunged into the heady world of Moulin Rouge, begins a passionate affair with the club's most notorious and beautiful star.

With his eye on a lovely aristocrat, a gifted illusionist named Eisenheim uses his powers to win her away from her betrothed, a crown prince. But Eisenheim's scheme creates tumult within the monarchy and ignites the suspicion of a dogged inspector.

An affair between the second in line to Britain's throne and the princess of the feuding Irish spells doom for the young lovers.