Now that lavish splurges on Christmas gifts are a thing of the past, celebrities are now competing against each other to see who can host the most extravagant bash ever for New Year’s Eve. Russian billionaire Roman Abramovich (owner of the Chelsea football club), along with his girlfriend Daria Zhukova, are expected to spend up to $4.8million on their beach party for 250 people on the Caribbean resort island of Saint Barths. Since he recently purchased the Gouverneur Bay estate for just a wee $86.4million, he might as well use the 70-acre home and bay as his party playground.

It’s been reported that it will be an event filled with all the Hollywood glitterati with performances by Prince (which is said that he paid £500,000 for) and two other mystery guests. Although the guest list is still a mystery, it is rumored that Sir Philip Green, Jude Law and Simon Cowell received invites. They should definitely make it, as they’re only about 40 minutes or so away by jet.

Guests can expect to enjoy amenities including a swimming pool with swim-up bar, and even a cinema. A fleet of private jets will fly guests to the secluded island, where the beach will be converted into one giant stage, an abundance of luxury vessels will fill the bay, and fireworks will be launched off the bow of one of Abramovich’s yachts at midnight. Does it sound like a good time?

Via: Luxist, Luxury Launches