It's weird how the writer/director of such exciting blockbusters such as ID4 and The Patriot could create such a strange film. I'll try my hardest to recount the plot.
Two ultra-cheap filmmakers (art reflects life) have a great idea for a movie and rope in an unwilling but attractive starlet and make up a Muppet-like monster based on the photographs of a long-dead grandfather's butler. A rival studio producer wants to blow up the grandfather's house as the climax to his big budget movie so the butler's ghost comes back to possess the Muppet doll to lead them to hidden billions in the cellar.
It's not a bad film, by no means, it's quite cringe-worthy in places but inconsistently entertaining. There are no big name stars or SFX but that is made up for with bizarre plotting and storyline.
This film is more in the style of Roland Emmerich in his Making Contact/Moon 44 days. But if he had the budget he gets these days who knows what this film might have ended up as. I give it 6/10 for weirdness, plot and defying convention.