When I first saw GHOST STORY on its initial release, I found it to be an entertaining, if not faithful, adaptation of Peter Straub's frightening novel. Now, some 20 years later, I found the movie less entertaining. The main problem I think is the enigmatic nature of the ghost, Eva Galli or Alma Mosely. Was she evil or supernatural prior to her death? And why doesn't she kill Donald as she did his brother? Was she really alive when she went down in the car? And what in the world do the Bates have to do with anything? And the classic "I am You" line is powerless without an explanation.
John Irvin's direction is also lackluster and sober. Of all the classic actors involved, none of them showed the power they have possessed in other roles. Although a talented actor, Craig Wasson was woefully miscast. Only Alice Krige as the ghostly Alma and Jacqueline Brookes as Astaire's wife bring any luster or poignancy to the film.
It's not a bad film by any means, and it does have some frightening moments with a wonderful score by Phillipe Sarde. I wish someone would remake it, however, and bring out more of the wonderful scariness of the novel.