A novel three-dimensional conservative system without an equilibrium point is constructed by replacing the square term x2+y2 in the Vaidyanathan - Sundarapandian oscillator with a simple absolute value term |x|. The system is analyzed in detail by using time-domain waveform plots, bifurcation plots, Lyapunov exponent spectra, spectral entropy (SE), and C0 complexity. It is found that the system has rich dynamic behaviors: multiple phase trajectories can be tuned by only one parameter and multistability due to initial value sensitivity. The system shows that it can yield eight heterogeneous trajectories coexistent at different initial conditions, including periodic, quasi-periodic, and chaotic states. Additionally, the transient behavior was also observed. Finally, the experimental circuit was implemented, verifying both the physical realizability and the rich dynamic behaviors of the proposed system. With high complexity and sensitivity of parameter and initial condition, the proposed system is useful in image encryption and secure communication.