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Prince plans to have one of Tinseltown's best performers at his annual late night Oscar bash—himself!

The Purple One is opening up his home after the Academy Awards for a super-VIP party and is planning to perform for the guests who manage to stay awake until the wee hours.

Last year's session, which included jams with Stevie Wonder and John Legend in the middle of his living room, didn't get started until 1:30 a.m.

Guests at the soiree included freshly minted Oscar winners Marion Cotillard, Tilda Swinton and Javier Bardem, who danced with his still-undercover girlfriend, Penélope Cruz. Sean Penn, Kate Beckinsale, Eva Longoria Parker, Sean "Diddy" Combs, Rosario Dawson and Brett Ratner were also there.

About 300 folks were let in, but "it's going to be more exclusive this year," a source familiar with the party planning tells me.

As I reported yesterday, Madonna and Demi Moore will once again be hosting a private afterparty with Guy Oseary at Oseary's home. Vanity Fair returns after a one-year hiatus with a smaller-than-usual fete at the Sunset Tower Hotel.

Sir Elton John's annual gala takes place again at the Pacific Design Center and will include a live auction that benefits the music legend's AIDS foundation (as do ticket sales to the party).

Mercedes-Benz is moving its annual viewing and afterparty from the Four Seasons Hotel to the Montage Beverly Hills. Lindsay Lohan's DJ girlfriend, Samantha Ronson, will provide music for expected guests like Amy Adams, Marisa Tomei, Patrick Dempsey and Ben Stiller, among others.

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