A heartless millionaire believes he is Santa Claus after an accident renders him amnesiac.

The haughty self-made millionaire Blake Thorn (Hulk Hogan) sells bodybuilding gear and supplements bearing his image. He is singled out by the police one day while playing paintball carelessly. After being pursued to a mall, he disguises himself by dressing as Santa. He suffers from amnesia after he bangs his head after sliding down a garbage chute to elude the police. Blake starts to believe he is Santa Claus after Lenny (Don Stark) misidentifies him as the mall Santa. Ebner Frost (Ed Begley Jr.), an evil scientist, sends his goons to destroy an orphanage after attempting to take control of it in order to obtain the magical crystals beneath it. Blake saves the children, though, after realizing that being Santa has improved him and that Frost intends to demolish the same orphanage where he was raised. The overabundance of crystals destroys the orphanage, but Frost and his goons are taken into custody. Blake helped create and manage the new orphanage, which is now located in Frost's compound. Since then, a large number of orphans have joined. Through a telescope, they all observe Frost and his goons working hard in the prison yard.—Oscar Serpa