The flamboyant Broadway production, “The Queen of Versailles,” dives headfirst into the opulent world of American consumerism run amok. This show requires two key elements to truly shine: an extravagant spectacle that captivates audiences and a commanding presence at its core.

Enter the dazzling Kristin Chenoweth, who assumes the central role with such charisma that it’s hard to envision anyone else filling her shoes. Her performance is nothing short of stellar, embodying the essence of a true queen.

Moving beyond her iconic role as Glinda, Chenoweth infuses the new musical, crafted by Stephen Schwartz and Lindsey Ferrentino, with unyielding resolve and a touching authenticity. Under the deft direction of Michael Arden, she portrays Jackie Siegel with a nuanced complexity, steering clear of satire. Instead, Chenoweth delivers a portrait of a multidimensional woman—one who aspires to build her own Versailles in Florida, only to realize the isolation it brings.

Interestingly, the real Jackie Siegel was present at the performance I attended, her ensemble echoing the onstage costumes and even featuring a small white dog she proudly displayed during the curtain call. Watching her, I was struck by the uncanny resemblance between Siegel and Chenoweth, whose costumes were designed by Christian Cowan. In a whimsical moment, Siegel offered me a piece of jewelry, which I promptly lost—a testament to my unsuitability for a life of Floridian grandeur.

For those familiar with the 2012 documentary by Lauren Greenfield, depicting Jackie and her husband David Siegel—played with dry humor by F. Murray Abraham—the musical successfully captures its source’s incisive perspective without reducing the Siegels to mere caricatures.

Arden, along with a talented cast including Nina White as Jackie’s troubled daughter and Tatum Grace Hopkins as her witty niece, navigates this tale with the finesse that eluded last season’s overly self-satisfied “Tammy Faye.” By eschewing obvious spectacle in favor of a nuanced narrative, Arden elicits profound reactions from the audience, solidifying his reputation as a master of subtlety.

Schwartz has written some lovely and strikingly earnest new songs, especially a paradoxical ode to simple living in a ballad called “Little Houses.” “Pretty Wins,” movingly sung by White, will get a lot of likes, too, as will the show’s 11 o’ clock Versailles special, “Grow the Light.”

Ferrentino’s book uses both the frame of the real Versailles (which doesn’t bring much to the party) and the video-enhanced device of the making of the documentary, a la “MJ The Musical.” Arden and his brilliant set and video designer, David Laffrey, mitigate that cliche with enough fluidity and flourish to never let it take over from old-school Broadway theatricality.

There’s an Act II dip, partly because the Siegels’ postcrash reversal of fortunes feels arbitrary and the personal crises that follow have too little stage time to fully manifest. This is not uncommon with musicals drawn from documentaries or movies — the book writer spends too long on the first parts and runs out of time. But it will be overlooked by most Broadway audiences, especially when Chenoweth is front and center, which is pretty much always. This is a musical that knows whose story it’s telling.

“The Queen of Versailles” is neither camp (well, mostly not) nor an empty spectacle nor, thank God, a morality tale. It’s an honest effort to explore why some people just keep wanting more stuff, while also admiring the force of personality it takes to procure them. At some points in the show, one blinks up at Jackie and thinks, “Well, I could have been crazy rich like her.”

Maybe one could have been. Or maybe Jackie Siegel is singular. That’s the question Chenoweth is exploring, singularly.

I suspect some will want far more blue state judgment with their big Broadway night out. Not I. I’m all for a huge, morally complicated show that sends your head spinning through the mirrored funhouse of Versailles in Central Florida, musing on all-American achievement and aspiration and realizing family and friends are the only way to happiness.