Construction on the opera house in Bayreuth begins and his epic Der Ring des Nibelungen can finally be premiered. The performance is attended by Ludwig who is slowly losing his mind, while living in his gigantic new castle Neuschwanstein. Wagner and Nietzsche have a falling out over Wagner's lifestyle and ideas (including his rampant anti-semitism). Shortly before his death, Wagner and Liszt reflect on Wagner's life: the people he has known, the events that occurred and the music he composed.