February 12, 2009 at 10:15 PM EST

There is an entire circuit of Hollywood Oscar after-parties, but there is only one after-after-Oscar party that can transform the industry’s biggest stars into gawking fans. Prince will be hosting another hyper-exclusive wee-hours bash at his Beverly Hills residence, according to E!’s Marc Malkin. The main attraction? The host himself. Last year, he jammed with Stevie Wonder and John Legend. This year? Who knows? But an exclusive guest list will certainly be mixing some Red Bull with their champagne in order to last the entire evening (last year’s living room musical performance didn’t start until 1:30 a.m.). Will other post-Oscar party hosts feel compelled to perform as well? If so, sneak out the back of Vanity Fair’s annual shindig before Graydon Carter takes the mic.

Where would an evening at Prince’s rank among your hypothetical Oscar-party experiences? (My Top 3: Springsteen strumming guitar over beers while talking John Ford movies; being the 14th Ocean’s co-star at a George Clooney soiree; dancing with Penélope Cruz.)

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