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2012 Olympics Ticket Prices to Reach $1,600

British organizers hoping to land the 2012 Summer Olympics say the most expensive ticket would be prime seats to watch the opening ceremony, at a price of $1,600.

In comments Friday in London, officials said the cost of the premier seats targeting corporate groups would be justified by helping to keep overall prices low.

The head of tickets for what British officials hope will be the London summer games says 5.5 million of the 8 million tickets that would be available for the entire Olympics would cost $80 or less.

Another spokesman said London would have more cheap tickets to offer than rivals Madrid, Moscow, New York and Paris.

The International Olympic Committee will vote in July on which of the five candidates will host the 2012 Olympics.

Some information for this report provided by AFP.