A large-scale avant-garde art carnival—largely forgotten in the years since its 1987 debut in Hamburg—has been plucked out of obscurity by superstar rapper Drake and is currently being prepared for a comeback world tour. It’s the coup of a lifetime for André Heller, the Austrian multimedia artist who brought the project to fruition more than 30 years ago and who has been haunted by its aborted promise ever since. The memory of Luna Luna, his name for the project, is “like a[n old] love affair where you can’t stop having erotic dreams,” he has previously said.

Every aspect of the resurrection saga reflects the fantastic, surreal qualities of the park’s art installations, which were modeled after those that can be found in many regular Luna Park amusement parks around the w...