Queen's digs for rent during London Olympics

 The parties will be at the palace -- at least during next year's Summer Olympics.

Queen Elizabeth II has approved renting out fancy rooms at the 16th century St. James' Palace as party venues during the 2012 London Olympics.

Buckingham Palace -- the one the queen lives in -- says holders of royal warrants -- companies with long-standing ties to the royal family -- will be given a chance to rent the rooms, called state apartments, during the games, July 27 through Aug. 12.

A palace spokesman declined Monday to say which rooms would be made available. The palace has the Throne Room, the Tapestry Room and the Queen Anne Room, among others.

The move is unprecedented, but also shows that even the queen has been affected by British austerity measures. "We're not immune to that," the spokesman said of the tough times.

But it won't come cheap. Britain's Daily Mail reports that the cost of renting the rooms would be a whopping $47,500 a day.

Built between 1531 and 1536, St. James' was a residence of kings and queens for more than 300 years -- although Buckingham Palace has been the home of the monarch since Queen Victoria. Located in central London near Buckingham Palace, it houses the offices of several members of the royal family, including Prince William and Prince Harry.

It is often used for official functions and is not open to the public.

Besides offering the ultimate in exclusive party venue addresses, the palace has another huge selling point for those interested in corporate hospitality. St. James' is a short stroll from Horse Guards Parade grounds, the venue for one of the most popular events of the games: beach volleyball.