What does American Pie mean?

With Don Mclean auctioning off the meaning of American Pie, you just hope it's going to turn out to be a massive disappointment:

"Yeah, so this bit about the King and the Jester? Well, "the King" refers to an unelected male ruler of a State - kind of like the Queen, yeah, but a bloke? And a jester was a guy who'd dress up in a pointy hat and tell jokes and so on. Look, I was drunk and rushing to hit a deadline."