St. James' Palace Rooms This ornate room, complete with gold trim, will be just one of the rooms available for rent during the 2012 Olympic Games in London, which are scheduled for July 27 to Aug. 12. ABC News

St. James' Palace Buckingham Palace said that those with royal warrants (or companies who have long-standing ties to the British royal family) will be able to rent the rooms during the Games. ABC News

St. James' Palace Rooms Queen Elizabeth is rumored to be asking $50,000 per day from people who want to rent a room in the palace for the festivities. ABC News

St. James' Palace Rooms A palace spokesman, who reportedly spoke on the condition of anonymity, couldn't say which state apartments would be available for rent. Some of the apartments include the Throne Room, the Tapestry Room and the Queen Anne Room. ABC News

St. James' Palace Rooms The royal family has never rented out rooms in the palace before, leading some to believe that even the queen isn't immune to the austerity measures the British government has taken. ABC News

St. James' Palace Rooms The palace is often used for official functions but is not open to the public. Both Prince William and Prince Harry have offices there. ABC News

St. James' Palace Rooms The palace was built between 1531 and 1536 and houses royal portraits dating back to Henry the VIII, historic tapestries and a fine arms display. ABC News

St. James' Palace Rooms St. James' Palace used to be the residence of the kings and queens of England, but while it is still the official residence of the sovereign, none have lived there since Queen Victoria, who made Buckingham Palace her home. ABC News

St. James' Palace Rooms Prince William and his then-fiancée Kate Middleton announced their engagement at this palace. ABC News