The original game first saw the light in 1982. You played there a boy searching for three pieces of an urn. New reboot of the serie puts you in the shoes of Anya Graves who inherited Zachary's old mansion. And what does she (you) has to do to gain the property? Nothing difficult just survive the night inside :-).
You will get the ability to see spectral realm, collect and craft spells from recipes, solve puzzles and so on. Some of the event will be scripted to release correct atmosphere in your dark corner of your room with PC and others entirely random.
Whole game is being made in Unreal Engine 4 and looks wonderful. Prepare to be scared!