The party Princes are back in town. It's reported today that William and Harry, accompanied by girlfriends Kate Middleton and Chelsy Davy, are planning a lavish bash at a London nightclub next Wednesday.

On the menu is lots of drink and a 'good time for all'.

Off the menu, though, are the celebrities and 'It Girls' who often do everything in their power to earn themselves an invite to the hottest events in town.

Having endured over ten days of arduous training in Cyprus as he heads towards the end of his military training, Prince William is reportedly determined to let his hair down. He and younger brother Harry, who's recently enjoyed some fun in the sun with girlfriend Chelsy Davy, have allegedly (as we have to appreciate this is, as yet, just tabloid gossip) decided to stage a huge private party.

And for once the chosen venue isn't Boujis, the Princes instead reportedly looking to hold court at the Crystal nightclub in Central London.

According to a royal source, speaking to the Daily Star (yes, that's where the alarm bells start ringing): "Wills and Harry are making plans to look around the venue at some stage over the next few days. Wills is expected to turn up with his girlfriend Kate Middleton and Harry is arranging for his girlfriend Chelsy Davy to fly to London from South Africa ahead of their festive frolics."

"The red carpet will be out and limos have been arranged, ice sculptures are on order and it's all very exciting."

Not for the first (or last) time, there continues to be speculation that William will soon propose to his longtime girlfriend, the insider saying: "There is a lot of excitement about Wills and Kate, so there is fuel for lots of parties over the festive season."

If this hugely extravagant party does take place (big 'if'), the speculation will begin that this was more than just a pre-Christmas celebration.

The Wales boys are certainly splashing out with their money at the moment, and if this is true it would be a little unexpected from William at least: he was recently referred to as being as "parsimonious" as his grandmother, the Queen, when it comes to spending money. She's notoriously frugal, so much so she once ordered Prince Charles to scour the grounds of Windsor Castle to find a dog lead he'd lost whilst walking the corgis.

Earlier this week it was claimed Harry had spent a significant (to most of us at least) £300 on a fireworks party for his army colleagues. Camping on Salisbury Plains in Wiltshire, the Prince decided to liven up proceedings by sending his protection officers to purchase some rockets, a barbeque and ample amounts of chicken and steak (all of which rather went against the idea of learning survival skills!), a military source revealing: "The point was to gain experience of eating rations and surviving in the wild. They were nearing the end when Harry decided to have some fun. The troops loved it, though it's not exactly common for soldiers on exercise to be allowed a fireworks bash."

Now that £300 splurge is far exceeded by the purported cost of William and Harry's planned Christmas bash, the source alleging: "A night like this will cost more then £200,000, so it's no surprise that the world and its wife will want to attend."

According to the paper, though, such celebrity figures as the livewire Peaches Geldof — a close friend of Princess Beatrice of York — will be 'banned' from attending, the Princes hosting the event solely for their closest friends and confidantes.

Claims the paper's source: "Peaches and her pals were hoping to DJ but it's been made clear that won't happen as William and Harry really don't want any extra publicity."

If true (?) this wouldn't be the first time William in particular has been less than welcoming to a member of the Geldof clan.

As a young child of just three or four, William embarrassed his father at Kensington Palace by openly asking Charles why he was chatting with Geldof, saying: "He's dirty. He's got scruffy hair and wet shoes."

The straight-talking Irish star promptly told the cheeky future King: "Shut up you horrible little boy!".

Thankfully for the now ennobled 'Sir Bob', not all members of the Wales family are quite so unwelcoming.

Perhaps noting the outpouring of support which regularly envelops the Live Aid founder thanks to his campaigns to raise money to combat disease and poverty in Africa, Prince Charles once mused: "I wish I had been born Bob Geldof."

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Name: london christmas party	Comment: Why not if you have the money!! Sam xx

Name: Christmas Party London	Comment: Well if you have the money why not!! Sam xx

Name: Uganda Boy	Comment: If they will be at Crystal im sure it will be amazing. i was at the opening on Wednesday and the atmosphere was unbelivable. The best club London has seen since China White's opened. Boujis is old news and in my mind was never news as it is rubbish

Name: exploora	Comment: I hope no one smoke bombs the party.

Name: Trudie	Comment: Since this is only speculation it may be a preemtive to more important celebrations and I would not be surprised if Peter Phillips and Autumn Kelly are getting engaged since Peter is very close to William and Harry. I really don't think they would throw that big a party if it were not attached to something important.

Name: M-M	Comment: AFAIK Harry missed out on a 20th and 21st birthday party , he celebrated both very quietly , so perhaps this will compensate . They can both afford a big party , it's what their type of people do . And perhaps Will's engagement is close , he is certainly being pushed in that direction ! I hope they learn to control their drinking soon

Name: explorra

Comment: It is hard to know if this particular story is true, but there is ample evidence showing money can and does buy friends, which of course feeds the spiral, more money one has, more friends one has. So if one has hundreds of friends and millions of pounds, then one might forget that all the Kings horses and all the Kings men couldn't put Humpty Dumpty together again. So I hope the boys don't drink and drive. Merry xmas to all.

Name: Carol B.	Comment: This is the sort of party rich people throw and/or attend. Nothing new there - Merry Christmas to you all!!

Name: M-M	Comment: "Prince Charles once mused: "I wish I had been born Bob Geldof." _________________ Many other people wish he had too !

Name: AnnT	Comment: I guess we can expect to see William and Harry staggering out of the bars in London again now that their army duties are on hold for the holidays! I think spending that kind of money drinking and partying is sickening. Why doesn't Harry donate that money to his charity Sentebale so people less fortunate can also have a Christmas!

Name: Paula	Comment: How depressing if they really do go ahead and spend this much money on drink and partying I hope it's not true, although I wouldn't be surprised as those boys seem to do little but party

Name: Muriel	Comment: Wow! That ought to be some party - if it's true.