It is a typical peaceful day in Duckburg, where Scrooge relaxes in his private library by finishing one of his favorite classic books, Treasure Island. The mailman comes, and Huey, Dewey and Louie rejoice that their "Unca Donald" has sent them a letter. Donald Duck tells of his work on an aircraft carrier, which is currently stationed off Greece. Donald encloses a photo he took of the Greek coast, which also includes the Admiral, whom Donald jokes to his family "your chance to see him, as I see him nearly each day". Scrooge suddenly eyes the picture with amazement, and the nephews are curious about this. Scrooge says that Donald may have unknowingly discovered the lost island of Ithaquack, as the photo contains a rock formation which look like feet. Scrooge produces another of his books from his library, which is about Ancient Greece, and shows the Colossus of Ithaquack, a gigantic statue that served to guide ships into the city of Ithaquack, which was not seen behind rock walls otherwise. The Colossus had been destroyed a long time ago, but its ruins were never located. Scrooge believes if Ithaquack is once again found, maybe there could be treasure! Scrooge readies his yacht to set sail for Greece and takes the nephews along. Huey, Dewey and Louie are in awe of Scrooge's boldness and want to be like him. Centuries earlier, the citizens of Ithaquack are outraged that their leader, King Homer, is nowhere to be found. The mob is also expressing their displeasure that Homer is nothing like his predecessor, King Ulysses, who was a "man's man", while Homer, who is young, inexperienced, and skinny, has earned the reputation as a wimp. The witch Circe in her liar, realizes that Homer ran away as he must have realized of her plan to take over Ithaquack. When she uses her magic to banish him to a distant time, but her cat interferes and the spell is reversed, causing the whirlwind to go to the 20th Century and capture Uncle Scrooge's yacht, bringing it to ancient Greece instead. Disoriented, the nephews wonder where they are, when Scrooge realizes they are not in their own time anymore when he sees an intact Colossus!
Soon they see a ship, which was of course Donald's ship. The Admiral sees the boys and Scrooge, and Donald was excited. They manage to rescue them. On the ship, The Boys were wondering if Homer grew up like his Uncle and Scrooge says that young people grow up to be themselves and tells the boys that they don't have to worry about being like him. And Donald tells his nephews that if they're smart, they'll grow up to be just like him.