Beyonce Knowles

London - Beyonce and Jay-Z splashed out $200 000 on their daughter's first birthday bash.

The couple - who were named the world's highest paid celebrity duo last year after earning $78 million - reportedly spared no expense on Blue Ivy Carter's princess-themed party in New York last Monday, during which they presented her with a diamond encrusted Barbie doll worth $80 000.

A source told The Sun newspaper: “Nothing's been too big or expensive for their little princess. They wanted her first birthday to set the tone for the rest of her life.

“They work hard for their money and the first thing they want to spend it on is their baby girl.

“It's hard to imagine how they can top this next year - or what her Sweet Sixteen will be like.”

The customised doll includes 160 gems and has its own white gold accessories.

A large number of close friends and family members attended the party at a private venue, which was decorated with $95 000 worth of pink and white balloons and roses.

Attendees were treated to a lavish birthday cake.

Younger guests were also sent home with “goodie bags” that contained jewellery and princess costumes, while adults were given concert tickets and personalised gold pens with Blue Ivy and each guest's name engraved on them.

Blue Ivy already has use of the most expensive suite at Brooklyn's Barclay Centre.

Run This Town rapper Jay-Z and his wife are often spotted at the arena watching his basketball team the Brooklyn Nets and he recently splashed out on the luxurious suite for their daughter so she can accompany them.

A source previously said: “Jay rents a luxurious basement suite for $1-million a year. It has an area for Blue filled with toys.”

However, the VIP space is not just for kids - it can also be converted into an entertainment area for adults.

The insider added: “It's all glass with a champagne bar and TV screen. Jay lets friends use his digs when he's not there.” - Bang Showbiz