Blue Ivy Turns 1: Beyonce, Jay-Z Drop $1 Million For Baby's Birthday

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(PHOTO/Beyonce) Twitter: @BeyoncePOLICEBeyonce and Blue Ivy

Blue Ivy will turn one on Jan. 7 and a new report claims that her mega star parents Jay-Z and Beyonce plan to throw their only child a lavish first birthday at Brooklyn's Barclays Center.

The hip hop mogul, who admittedly spoils his daughter, will reportedly drop $1 million to rent a luxurious nursery at the center, which is home to his NBA team the Brooklyn Nets. While the rental is said to be specifically for Blue Ivy's birthday, it will allegedly be valid for 12 months, according to Us Magazine.

"Jay rents a luxurious basement suite for $1 million a year. It has an area for Blue filled with toys," a source told Us. "It's all glass with a champagne bar and TV screen. Jay lets friends use his digs when he's not there."

The couple, who has been married four years, has reportedly invited some of their closest friends and family to the lavish party. Hollywood couple Gwyneth Paltrow and Chris Martin will allegedly be in attendance with their two children Apple and Moses as will Beyonce's Sister Solange and her son Julez.

Blue Ivy is certainly no strange to lavish goods as it was previously claimed that Beyonce, 30, and Jay-Z, 42, spent $1.5 million on her nursery at their home shortly before she was born. In addition to the nursery the couple gifted their newborn with a $600,000 solid gold, handmade rocking horse from Japanese jeweler Ginza Tanaka; a $19,995 Fantasy Carriage crib from PoshTots; a $15,000 Swarovski crystal-studded highchair designed by Carla Monchen; and a $285 Jean Paul Gaultier silk bib to burp on, according to the New York Post.

Jay-Z opened up about the issues of parenthood in a special edition of "Oprah's Master Class," which aired on the OWN network in 2012.

"I imagine I'll take things I learned from my mom and things I've learned from raising my nephews and apply that. Then at the end of the day, I just know I'll probably have the worst, spoiled little kid ever," Jay-Z said on "Oprah's Master Class" program.