  Spectra of planetary nebulae (PNe) are characterised by strong forbidden
emission lines and often also by an infrared (IR) excess. A few PNe show dust
obscuration events and/or harbour long-period binaries. Some post-asymptotic
giant branch stars, symbiotic stars, or B[e] stars may feature similar
characteristics. Recently, dust clouds eclipsing white dwarfs were also
detected. We report the discovery of an object with a very peculiar variability
pattern that bears signatures compatible with the above-mentioned classes of
objects. The object is ZTFJ201451.59+120353.4 and identifies with PM 1-322. The
object was discovered in Zwicky Transient Facility archival data and
investigated with historical and newly obtained photometric and spectroscopic
observations. The ZTF r and g data show a one magnitude deep, eclipse-like
event with a duration of about half a year that occurred in 2022. The
variability pattern of the star is further characterised by several dimming
events in the optical region that are accompanied by simultaneous brightenings
in the red and IR regions. Apart from that, two fast eruption-like events were
recorded in ZTF r data. Archival data from WISE indicate long-term variability
with a possible period of 6 or 12 yr. Our follow-up time series photometry
reveals a stochastic short-term variability with an amplitude of about 0.1 mag
on a timescale of about one hour. The spectral energy distribution is dominated
by IR radiation. Our high-resolution spectroscopy shows strong forbidden
emission lines from highly ionised species and symmetric double-peaked emission
in Halpha, which is very different from what is seen in earlier spectra
obtained in 2007. Several explanatory scenarios are presented. Our most likely
interpretation is that our target object involves a hot central star surrounded
by gaseous and dusty disks, an extended nebula, and a possible companion star.
