Acte I
A Peter Allen concert with flashbacks to come: Peter Allen, the flamboyant entertainer, hits the spotlight at pretty near full flight, pounding the piano and informing the audience about himself.
Flashback to 1950s bush town Australia: Peter, the pre-adolescent entertainer, not yet a teenager, is working in a local pub. Already earning his living by singing, dancing and playing piano, he's a tap dancing kid determined to escape small town life and an abusive, alcoholic father.
By age 16, Peter has formed a singing duo with a fellow journeyman performing on local TV. Peter is the sexual adventurer of the pair, sleeping with a TV producer - then talking about it when he should be more discreet - later finding it advisable to take up what he calls "foreign" bookings. This leads Peter to Hong Kong, where he finds himself singing one night at the Hilton Hotel to the touring Judy Garland, her career in a tailspin following a disastrous Australian concert. Peter talks her into singing. Following this, Judy finds Peter's saucy, non-deferential attitude rather refreshing. Hired as Garland's opening act, Peter achieves his show biz dream of getting to NewYork, where he clicks with Judy's daughter, Liza Minnelli.
Peter and Liza fall in love, then decide to marry. With her own history of sexually ambiguous husbands, Judy has her reservations. An angry Judy gives voice to her doubts, but Peter and Liza will not be deterred.
Peter and Liza enter the decadent, hedonistic New York of the period. As a husband, Peter turns out to be the perfect professional companion to accompany Liza on her heady road to full-blown stardom. However, Peter's ego is being crushed in the process, his own career in limbo as Judy's career declines. Then comes the shock of Judy's death, and with it, the end of an era.
Now much more her own woman, Liza finally confronts Peter's sexual confusion and announces she is leaving him. Peter, then, is finally out on his own.
Acte II
Now a downtown cabaret star, Peter has his own flamboyant and sexually playful persona. And he has also met the love of his life, the very challenging Greg, who will only accept a lifetime commitment.
Life is good. Then Peter's career really takes off after he meets tough, powerful manager Dee Anthony. Peter goes from the Copacabana nightclub to the mighty stage of Manhattan's Radio City Music Hall, becoming, in the process, the toast of the town. With that, Peter is at the top of his game. However, the sweet life turns out to be short-lived when Greg becomes ill, a victim of the New York AIDS epidemic. Then, when Greg dies, Peter attempts to stifle his grief, throwing himself into the Broadway musical Legs Diamond, but still haunted by memories of his lost companion.
The Broadway musical bombs, but Peter's friendship with Liza has endured. With Peter himself now ill, it is Liza who encourages him to give one last great performance "down under". Here, Peter finally confronts one of his own major demons, specifically the long-ago suicide of his drunken father - the subsequent scandal it brought to the family - creating a compulsion in Peter to hide his emotions.
However, it is Peter's experiences, good and bad, that have ultimately become his art, the stories he writes and sings from the heart. Ready to die if he has to, Peter is determined to go out on a splendiferous note.