There he is, trying to hide behind a green bucket full of other toys.
Last summer our cousin came to stay with us for a couple of monts. We don't have a guest bedroom so he stayed in George's room. He always sleeps in our bed, so that wasn't a problem, and we took most of his toys and gave them their own place in the living room. We had an old teak coffee table that we used for this, we put books, jigsaw puzzles, cars and such on top of it, and underneath went the green buckets containing Legos and other assorted things. George was obviously thrilled with this arrangement, and we were actually quite happy too!
What I really like about this is that the piece of furniture holding it all together isn't a designated nursery piece. This could be used in a kid's bedroom too.