Beyonce and Jay-Z have reportedly been splashing the cash for their daughter Blue Ivy’s first birthday.

The pair spent a staggering $80,000 (about £50,000) on a custom made Barbie which was customized with 160 diamonds and its own white gold accessories, according to The Sun newspaper.

As well as them going all out in the present department, they also arranged a princess themed party for Blue in New York for which they also spent a small fortune.

The birthday cake alone cost £1,500 with £60,000 worth of pink and white roses providing decoration. As well as that, the children that were invited were entertained with princess costumes, jewellery sets and playhouses which also set Mr and Mrs Jay-Z back a cool £20,000.

The parents that accompanied their children were not left out either, receiving git bags that other things had concert tickets included and gold pens with Blue Ivy’s name engraved on them.

A source close to the couple said: "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."

The pair are certainly not short of a little spare change with it being revealed that they are the highest paid celebrity couple having earned £48 million between them last year.

Do you think the couple have gone too far with this latest purchase?

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