I read this practically the moment I finshed Progeny and I have to say I now know why it was called "Phantasy" Isn't it just about every phan girl's 'phantasy' to be the reincarnation of Christine Daae and be haunted by Erik's spirit? It must be Becky Meadows'.
The story is modern and about a young couple, Catherine (who is the rein. of Christine) and Charles (who is, yes, a very ooc Raoul)
Anyway Catherine is obsessed with anything Phantom related, has gone to see the ALW play about a hundred times and talks to a portrait of MC she has hanging in her study, and yes he's dressed as the Phantom.
Soon the portrait become all too lifelike and Cathy's psychic friend Sabine (Meg) is convinced something's going on that's not of this world. Their investigations lead them to discover that Raoul, Christine and the Phantom were not fictional characters and that they really did live, and with the help of a hypnotist, a trip to Paris, and Erik and Christine's great-great-grandson (who is way hot) they get to the bottom of the mess and it ends as happily as the first book.
Amusing but not brilliant. Be prepared for some major eye-rolling. Favorite scene? Where they deliberately scare Cathy half to death by tying her to a chair, blindfolding her and then leaving her alone; the theory being that if she's scared enough it will "bring Erik out" so they can exorcise him. Not the best idea since he's already pretty ticked off at the lot of them (except of course Cathy since she's Christine).