Here's a terrific item for sale on eBay from seller erniepz (http://cgi.ebay.com/120719580770):
It's an HO scale model with electronic sound and LED light effects, as it turns out, that show it's relatively recent. The octopus seems to be an odd choice for a ghostly figure, don't you think? I dug around and found this page about it:
The figures glow in the dark - perfect!
Here's a video...