By 1958, millionaire Howard Hughes had become a recluse. In 1970, in Palma de Mallorca, Spain, Irving met with Richard Suskind, a longtime friend who was an author of children's books. They conceived a scheme to write Hughes' purported "autobiography". Irving and Suskind believed that, because Hughes had completely withdrawn from public life, he would never draw attention by denouncing such a book or filing a lawsuit for libel. Suskind took on the work of research in news archives. Irving started by enlisting the aid of artist and writer friends on Ibiza in order to create letters in Hughes' own hand, imitating authentic letters they had seen displayed in Newsweek magazine.

Irving contacted his publisher, McGraw-Hill, and said that Hughes had corresponded with him, saying he admired Irving's book about de Hory. Further, Hughes had expressed interest in Irving's ghost writing the millionaire's autobiography. The McGraw-Hill editors invited Irving to New York, where the publishers drafted contracts among Hughes, Irving, and the company. Irving and his friends forged Hughes' signatures. McGraw-Hill paid an advance of US$100,000, with an additional US$400,000 to be paid to Hughes. Irving later bargained the sum up to US$765,000. McGraw-Hill paid by checks made out to "H. R. Hughes", which Irving's Swiss wife Edith deposited to a Swiss bank account which she had opened under the name of "Helga R. Hughes