Russian billionaire Roman Abramovich will be hosting what promises to be one of the most extravagant bashes anywhere to see in the new decade.

He and his girlfriend Daria Zhukova, are expected to spend up to $4.8m on a beach party for 250 people on the Caribbean resort island of Saint Barthélemy.

The London Times reports that the singer Prince is to perform for them for a fee said to be $760,000.

Roman Abramovich, has spent $89million on a luxurious Caribbean estate in one of the most expensive private home sales of all time.

According to the Wall Street Journal, the property has Balinese bungalows with ocean views, tennis courts, swimming pools and music and dining pavilions.

“It’s very open bungalows, and it’s like you’re basically living on a beach,” the former owner says.