Frederick Loren, a mysterious millionaire who offers $10,000 to a group of carefully chosen individuals. If they can stay 12 hours night in the haunted house, a place dripping with murder story from the past. Well i consider everything i tell beyond this is spoiler, so you just have to watch it. What is good is how the story are drifting you away slowly, haunting you with carefully crafted dialog and moment. It never be boring even one second i watch this movie.
I read somewhere that this movie were actually a B-movie, but i don't really care. Yeah the effect are cheezy even for that year, but the story is great! what else do you need? It also released in a color version, which i found not really interesting because it loose it's calmness and simplicity of black and white movie particulary this one. It's even been said that this was the movie that inspired Alfred Hitchcock to make his first bona fide horror movie Psycho (I didn't watch it yet though).
