03/28/2008 02:46 am ET Updated May 25, 2011

Madonna's Oscar Party Versus Prince: Singers Enter Vanity Fair Void

When Vanity Fair canceled their annual Oscar party, before the strike ended and when the awards show weren't definite, it opened a void, furthered by Barry Diller, People and Dani Janssen canceling their annual. Elton John's annual AIDS fundraiser was still on, but that seems to have left some A-listers cold. Madonna, Demi Moore and Guy Oseary are throwing a bash:

Whether this affair becomes an annual event hasn't been decided.

The party, to be held in a home in the Westside hills, will begin around 9 p.m. A few hundred people are invited, although this number will probably expand. One person who's seen the guest list said, "Everybody's on it. It gives the A-list Vanity Fair crowd someplace to go to. It will probably be pared down to where it's 85% talent, not a lot of suits."

But even if this party skims off some of the celebrity cream, the Governors Ball will still be the major draw. "It's the biggest game in town," said one exec. "This is going to put the glamour back into the ball."

In the past quarter century, the Governors Ball sometimes hosted cameo appearances by stars who then headed elsewhere: For a decade, Irving "Swifty" Lazar's affair was the hot ticket, followed by Vanity Fair's event.

There is also a report that Prince will host a post-Oscar bash:

Forget the Academy Awards: The hottest ticket in Hollywood Sunday night is Prince's exclusive post-Oscars bash.

The diminutive divo has quietly cornered the market on exclusive awards parties. One source familiar with the RSVP list says names include "Katie and Tom, Will Smith, Salma and Penelope."

While previous parties have been held in hotel suites, this year's will take place at Prince's new home in Benedict Canyon. But not everyone has scored a golden ticket.

Hopefully no bartenders have hepatitis.