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11/16/2012 05:38 PM

Racing aside, Austin abuzz with celebrity rumors

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George Lucas, Jennifer Lopez and Paris Hilton--they're among the dozens of celebrities and international big-wigs expected here for Formula One partying.

Movie stars and billionaires, everyone is talking about how they're taking over the town.

"Carlos Slim, one of the richest men in the world, is here in town and he has bought the top of the Austonian," Austinite Valerie Velazquez said.

This weekend, any Formula One power player is a big deal

"A lot of the owners of the teams, they stay in the Four Seasons," visitor Elina Htun said.

The elite crowd will need a good place to party. La Zona Rosa has been painted black and turned into Lounge 88 for the weekend.

"It does not look anything like La Zona Rosa inside, and then after Sunday night at 2 a.m., we convert it back into La Zona Rosa except they get an upgraded bathroom," Cindy Lo with Red Velvet Events said.

Friday night's event has a star-studded guest list for a $50,000 per ticket party.

"Teri Hatcher, Carmen Elektra, Paris Hilton, Robert Rodriguez,” Lo said. “Tonight, Cobra and the Starships are coming."

There are also exclusive F1 parties at the W, Ballet Austin and the Austin Music Hall this weekend.