Beyonce Knowles is set to receive $1,000,000 for a one-off performance.
The 'Crazy in Love' singer - who recently married rapper Jay-Z - is set to receive $500,000 for an appearance at the Bermuda music festival, with a further $500,000 to cover her expenses.
Beyonce will join Alicia Keys and UB40 as headliners of the festival, which will also feature a performance by Beyonce's sister Solange and a host of other acts and comedians.
Rock Newman, a producer of the music festival, said securing Beyonce will help put the tiny North Atlantic island - a British overseas territory - on the map: "This event will garner more worldwide attention for Bermuda than anything that has ever happened here. Folks around the world are going to say 'Bermuda has got it going on!'"
Last month, troubled singer Amy Winehouse also reportedly received a huge pay day for a one off gig.
The singer was paid an undisclosed sum - believed to be $2 million - by Chelsea soccer club owner, billionaire Roman Abramovich to perform at a private concert in a converted bus depot in Russia.
Super producer Mark Ronson also raked in $2 million last month to perform at a 21st birthday party.
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