Wealthy radio crooner J. Paul Jones travels on his yacht, the S.S. Bon Homme Richard , to all corners of the world, fulfilling a list of boyhood fantasies. After rescuing Claire Hastings, "damsel in distress," and fishing in the middle of the Atlantic, Paul sails to Monte Carlo, where his reporter friend, James Smith, has located a pistol that once belonged to American Revolutionary hero John Paul Jones. Already possessing a Jones pistol, Paul hopes to buy the second and present the set to the Naval Academy, but must first befriend exiled Russian Princess Alexandra, who owns the second pistol and will only sell it to a person of royalty. At the Hotel d'Athene, where Alexandra and her family are staying, Paul poses as a waiter and buys the hotel, then learns that the royal family is impoverished and stuffs their wallets with money, quickly befriending all but Alexandra, who is haughty and bored. After singing to the princess in her bedroom, Paul kisses her, and she slaps him. Paul apologizes and agrees to tend the princess's parrots and dogs. The police then arrest Prince Nikolas, called "Nicki," who has been running a car racket, and Alexandra must sell the pistol to release him. Although the pistol is appraised as an imitation, Paul replaces it with the original, and Alexandra, grateful, kisses him. When he confesses his real identity, however, Alexandra disappears. After detectives are unable to find Alexandra, Paul returns to his yacht, where Claire gives him a parrot that says his name. Rushing to the pet shop from which the parrot was sent, Paul finds Alexandra, and she adds "marry a princess" to his list of fulfilled fantasies.