Five long years have passed since the fateful events at the Opera Populaire. In the time since the opera burned down much has happened. New owners have come in and purchased the husk of the old building, and they have restored it to its previous magnificence. With the doors now open for auditions and students, much has changed - and yet much remains as it always was. There re new rumors of the Ghost - that he's returned as a real ghost this time, and that he's once again making demands. But with no proof or sign of him aside from the rumors, only those most superstitious believe.
In the years since the first burned down and was restored another opera house has been built to answer the demands of the upper crust of society for entertainment. It is the Opera Triumphe and it caters only to the rich and wealthy few who can afford seats. Much smaller and intimate - it is a theatre only with no attached school, it allows the management to pick and choose who can purchase tickets.
With the old opera struggling to make ends meet and to hire on staff, they find themselves with an unexpected ally: Erik. Though wounded in the fires that burned the building almost to the ground, he has since recovered, and taken a more direct approach to the new owners of his beloved Opera House. Now he guides things from behind the scenes, giving suggestions where needed, and corrections when necessary. His funds, as well as those of the buyers are starting to run out, and he is looking for new sources of income to get the struggling Opera Populaire back on its feet and running. The new Opera Triumphe angers him, as he feels the Populaire was all but abandoned when in its greatest need.
The de Chagnys have also moved on. Having given birth to a beautiful baby boy, Christine is completely over what happened five years before. Having come to terms with her experiences with the unhappy disfigured genius who fell for her, she has done her best to put the past where it belongs - behind her. Raoul has tried to do the same, but every so often when something goes wrong, he will pin the blame solely on Erik.
So when their only child goes missing, Raoul's first belief is that Erik is behind it and starts to organize a manhunt to find and kill him, after the boy has been rescued from the 'madman's' clutches. It will be up to Erik whether he appears to prove his innocence or goes further into hiding.....