The Queen is set to cash in on the London Olympic Games, renting out regal palace apartments for thousands of dollars a day to businesses.

The 85-year-old monarch has personally approved the plans for London's St James's Palace, which contains the London residences of Prince Charles, Princess Anne and Princess Beatrice.

While St James's Palace is often used to host functions, it is not open to the public and the move will break with more than 500 years of royal protocol.

Lest we forget: Kate Middleton and Camilla share a lighter moment
during the Remembrance Day Ceremony at the Cenotaph in London
yesterday. Politicians and Royalty joined the rest of the country in
honouring the war dead by gathering at the memorial to lay wreaths and
observe two minutes silence. pic/getty images

Private firms will be able to choose between the Palace's Throne Room, Tapestry Room and Queen Anne Room for some �30,000 (Rs 24 lakh) a day.

"I think everyone is very conscious that the purse strings are tight at the moment and this is an innovative way of raising funds," said a Buckingham Palace spokesman, confirming the plans.

"All the monies raised will be able to supplement the Sovereign Grant and will be spent on the upkeep of the royal residences."

Demand for the premises is said to be high, with few vacancies remaining.

For those who miss out on the city palace, there is still a country castle available.

Leeds Castle is available for the 17-day Games for �1 million (Rs 8 crore), complete with moat, 40 bedchambers, helipad, golf course, staff and custom-designed flag.