(Cover) - EN Showbiz - The Red Hot Chili Peppers have been hired to play at a New Year's Eve party which is rumoured to be costing 5 million.

The four-piece rock band will provide entertainment for Russian billionaire Roman Abramovich and his 300 guests at his 58 million estate on the Caribbean island of St Barts.

The businessman is pulling out all the stops for the annual bash, which is why he is thought to be splashing out the staggering sum on his partygoers.

According to British publication The Telegraph, those invited have been told to wear "island chic" to the celebration. Proceedings will commence at 10pm with the rich and famous partying until 4am, after which they will all be able to rest in a group of super yachts moored at the estate's marina.

The guest list for this year is not yet known. In 2010, Demi Moore, Rosie Huntington-Whitely, Ellen DeGeneres and George Lucas were among the big names to attend.

Meanwhile, Stevie Wonder also has big plans for the momentous evening.

According to the New York Post, the star is being paid $1 million to sing at the Cosmopolitan in Las Vegas.

Last year the casino spent $1 million each on performances from Coldplay and Jay-Z.

Mayer Hawthorne, DJ Mia Moretti and Caitlin Moe are also slated to perform at the Cosmopolitan this weekend. (C) Cover Media