The pair are due to play the first date of their joint European tour at the O2 Arena on Friday, and will mark the occasion afterwards with a £500,000 bash at the former home of casino Fifty in St James’s Street.
Guests are expected to include their famous other halves — Jay-Z’s superstar wife Beyoncé and West’s girlfriend, reality star Kim Kardashian — as well as Rihanna and a host of other A-list celebrities.
About 400 people are expected in total, and tables will be available to book for between £5,000 and £15,000. Food will be supplied by Giorgio Locatelli, the Locanda Locatelli restaurateur currently running pop-up venue Pret A Diner at the four-storey, Grade II-listed building.
Partygoers will be plied with Armand de Brignac champagne, also know as Ace of Spades, magnums of which cost more than £1,000 in most West End clubs. A source close to the rap duo said: “This is to celebrate the first night of the European tour and they want London to know they’ve arrived. The place is going to be crazy and they want it to be the party of the year. It will be filled with beautiful women, people will be fighting to get inside.
“Fifty was Jay-Z’s favourite casino in London, so it is a fitting choice. He is looking at getting a temporary casino licence for the night so they can set up some of the old tables for guests.”
It is understood the rappers first held meetings with property tycoons the Candy brothers about using an empty penthouse at their One Hyde Park development in Knightsbridge. The source added: “This was the first choice — the views are stunning. But security would have been a nightmare and it was just deemed too risky.”
Jay-Z, 42, and West, 34, bring their Watch The Throne tour to the O2 Arena on Friday for five consecutive nights.