Vanity Fair's post-Oscar party 2008 is off, but Elton John's is on.

The singer and AIDS activist is moving forward with plans for his 16th annual Elton John AIDS Foundation Academy Awards viewing party, the foundation announced Wednesday. "This event is our most important fundraiser of the year," it said in a statement. "Last year, we raised over $4.3 million and we expect to exceed that record this year."

Elton will also play a special concert set at the party, backed by his full band. Vanity Fair canceled its party in support of striking Hollywood writers and others affected by the labor action.

Elton's viewing party, held at the Pacific Design Center, is always lavish and star-studded, boasting past guests such as Denzel Washington, Sting, Sharon Stone, Ben Kingsley, Kevin Spacey and Halle Berry. Among the expected guests at the Feb. 24 soiree are Victoria and David Beckham, Ellen DeGeneres and Portia De Rossi, Sharon and Ozzy Osbourne, Donatella Versace and Elizabeth Taylor.

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