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Master Eder's cousin Ferdinand turns up one day after his death to collect his inheritance. What he doesn't realize is that Pumuckl is also part of his legacy. The goblin soon gets stuck on the glue pot and becomes visible to Ferdinand. He has nothing better to do than tell his nice neighbor about the goblin. This sets off a series of turbulent events that end with the magician couple Magiaro trying to do business with the wondrous little fellow at the circus.