Fred is tired of everyone walking all over him especially since he proclaims that he built his junk empire to what it is today, thus making him a king of an empire. Bubba suggests that Fred pay money to an agency to have them trace his roots. A couple weeks later Fred is in for a shock, he is a descendant from Jewish African kings.
Fred wants a new stereo and tries to buy one on credit at a local electronics store. He soon discovers that they don't give credit to people over 60. This prompts him to take some action and befriends a rights group, The Gray Foxes and they begin picketing the store until they decide to change their policies.
Trying to avoid paying property taxes, Fred registers to become a clergyman for the Divine Profit Church. He appoints Bubba as secretary and Woody as treasurer. However, when the Bishop stops by for a visit, Fred quickly realizes he's put his business in jeopardy thanks to some fine lines in the contact he signed.
Lamont and his fiancee, Janet are just one step away from the alter. However, a kink is put into their plans when after her wedding shower, her ex-husband John shows up. Meanwhile, Lamont has been having pre-wedding jitters and this just adds to them and Janet finds herself dealing with old feelings she thought had died long ago.
Esther has stopped by the Sanford residence to talk Fred into singing for a talent show. Grady is all set to be in the show with a magic act and for his most daring trick ever, he handcuffs Fred and Esther together. The only problem is that he can't understand how to get the two out of this dilemma because the directions for escaping the trick are written in Chinese.
The tax season has come and Fred and Lamont have been going through their inventory to prepare their tax papers. However, Fred gets preoccupied when he discovers Redd Foxx is in town holding a look-alike contest and Fred is certain he will win the contest and the $100 that comes along with it.
Lamont and Esther decide to get the furniture re-upholstered as a surprise present for Fred. In order to get it done, they have to convince him the furniture was stolen. However, when Fred takes it upon himself to report it to the insurance company, he ends up with brand new furniture and Lamont is speechless.
The day has come for Aunt Esther and Woody to meet their son but they are in for a shock when he helps himself to their cash register. Later, Esther is in for an even bigger shock when he announces that he doesn't believe in God. Esther promptly kicks him out and he takes refuge at the Sanford residence.
Aunt Esther and Woody have decided to have a baby and set up an appointment with an adoption agency to adopt an older child. However, on the day of a preliminary interview, Woody, so nervous about the prospects of being a father, gets drunk, threatening their chances for an adoption. A heartbroken Esther turns to Fred for help.
Lamont's mother-in-law to be is coming to Watts for a visit and Fred is a little concerned about what she's going to think of a common junk man. This leads Fred to decide to create a legacy and tries to set a world's record and get his name in the Guinness Book of World Records. His goal is to be the person to stay awake the longest.
During a mishap at the airport Fred accidentally misplaces the suitcase with the diamonds and the crooks start chasing Lamont and him all over Hawaii, trying to get them back. Meanwhile, the cops close on in, but not before guns are drawn on Fred and Lamont as the crooks trap them on a boat.
The diamond thieves continue their plot to have Fred smuggle the stolen diamonds into the United States. Freddy Wells sneaks into Fred's hotel room and plants the diamonds in his suitcase. Later, Lamont and Fred discover the diamonds and hesitate to call the police.
Three jewel thieves try and find a way to smuggle some expensive diamonds from Hawaii to L.A. That is where Fred and Lamont come in. Fred goes to Hawaii to attend a Junkmen of America convention. The crooks then plan to sneak the jewels on Fred so that he can take them to L.A. without knowing anything about it.