Jay-Z is putting on a carnival, and he has a decidedly extravagant take on the classic children's attraction.

To raise funds for his Shawn Carter Foundation's Scholarship Fund, the hip hop superstar is taking over Pier 54 in Manhattan and turning it into a lavish, carnival-themed party.

The benefit will feature classic carnival rides and games for attendees, but the food and prizes will reportedly far outshine anything you'd expect at a typical amusement park. Catering is being provided by renowned New York restaurants the Spotted Pig and Momofuku Milk Bar, with an open bar sponsored by Grey Goose, Bacardi and Bombay Saphire. As far as prizes? Gibson Guitars, a Hublot watch, Nets tickets and a Jeep Wrangler are all up for grabs, according to the New York Daily News.

Tickets to the carnival are available with a donation of $1,000 or more to the Shawn Carter Foundation. Jay-Z started the charity in 2003 with his mother, Gloria, and since then over 750 students with socio-economic challenges have received a total of over $1.1 million in college tuition.

(Photo: Jed Jacobsohn/Getty Images)