Rosalinda Amendola (Terry Moore), the daughter of former acrobats, is in the love with the aspiring composer, Pete Dingle (Tom Drake), who lives next door. Pete's parents are wealthy, but his miserly father insists on hiding his wealth in a hole in the wall. A former vaudevillian, Joe Mahoney (Jimmy Conlin), is homeless and must part with his pet squirrel, Rupert.
As Christmas approaches, Rosalinda's parents are destitute. The former acrobat, played by Jimmy Durante, and his wife (Queenie Smith) pray for a solution to their money problems. Shortly thereafter, money seemingly falls from heaven through the ceiling. Unbeknowst to the former acrobat, Joe's pet squirrel, Rupert, has made a home in the wall and the money has gotten in his way. All of a sudden, the acrobat is able to pay his outstanding debts and even help the needed business owners in town. The FBI, suspicious of the acrobat's sudden wealth, arrives at his doorstep to investigate.
Jimmy Durante's characgter plays piano with the uninvited guest courtesy http://www.comicbookandmoviereviews.com/2014/12/the-great-rupert-christmas-wish-1950.html.