Famed novelist Eric Jonrosh (Will Ferrell) sets the stage for his epic masterpiece of love, lust & greed. Jonas Morehouse (Tim Robbins) digs relentlessly for oil as his daughter (Kristen Wiig) and adopted son (Tobey Maguire) begin a forbidden affair.
Eric Jonrosh (Will Ferrell) returns with his epic mini-series. War breaks out & Devon (Tobey Maguire) joins the struggle, leaving Cynthia (Kristen Wiig) behind. Another woman threatens to come between the star-crossed lovers.
Jonrosh's (Ferrell) epic story continues as growth of the Morehouse Conglomeration further confuses the forbidden love between Devon (Maguire) & Cynthia (Wiig). Cynthia makes a reckless business decision and Devon wages war against her.
Cynthia (Wiig) visits Devon (Maguire) in his underwater institute and comes face-to-face with Dixie Melonworth (Alba), a woman after Devon's heart. Cynthia's diabolical son Winston (Osment) takes over the family business.
Jonrosh's (Ferrell) final chapter finds Winston (Osment) out to destroy his family, stopping at nothing to get his revenge. A Christmas party brings together Cynthia (Wiig), Devon (Maguire), Winston and the Shah of Iran.