When Farrah Fawcett turns up next season as riches-to-rags Woolworth heiress Barbara Hutton in an NBC miniseries, she'll be drenched in jewels, including some once owned by the Duchess of Windsor. London's Daily Mail offered to lend Fawcett, who is filming in London, some of the trinkets. They include a pearl necklace, an 18-karat, gem-studded compact and a matching lipstick case, which the newspaper purchased in Geneva for a promotional contest. "When I got my hands on the compact, I didn't want to give it back," said Farrah. (She did.) Executive producer Lester Persky says Fawcett has been wearing up to $3 million worth of jewelry each day, most of it on loan from jeweler Harry Winston. Adds Persky: "We have two to four guards on the set at all times." When Farrah isn't changing jewelry, she's changing clothes. According to Persky, Farrah wears 168 different costumes during the five-hour show, which has to be some sort of land-speed record. But then, Farrah has always been a snappy dresser. In fact she negotiated what appears to be a shopping clause into her contract: If she works overtime, it has to be on a Sunday, not a Saturday when the stores are open. Bet that you won't find her at Woolworth's.

Although the Sinatra children were hardly fond of Kitty Kelley's best-selling His Way, they seem to be having a hard time getting Daddy Blue Eyes' story told their way. A glitzy launch was held three years ago to announce that Tina Sinatra, 38, would produce The Frank Sinatra Story. Now Tina has told friends that the long-awaited script by Abby (The Atlanta Child Murders) Mann is "boring" and not what she had in mind. Don't set the VCR yet.

Count on Nancy Reagan to put her best foot forward when she and President Reagan visit Italy next month. Noted Italian shoe designer and manufacturer Rene Caovilla, whose footwear Mrs. Reagan admires, has created two pairs that are destined for the First Lady's tootsies when she arrives. One is reportedly black and decorated with rhinestones; the other is white and sprinkled with pearls. The heels on both pairs are high, but the toes are closed rather than open because Mrs. Reagan apparently thinks it's tacky to show your big toe in public. "She is a good client," says Paola Caovilla, the designer's wife. "She always pays." And usually at wholesale, which in this case is about $175 per pair. The trip, a private visit, will only last a few days, but that's more than enough time for Mrs. Reagan to pick up her two shoes. Goody!

Kathleen Turner and Realtor-husband Jay Weiss have collaborated on more than a new baby. (She's due in late fall.) The two are also putting together a serious art collection. Last week at Sotheby's in Manhattan, Weiss successfully bid $67,500 for Theodoros Stamos' Very Low Sun. Weiss did all the bidding, while Turner did all the squirming. When the auctioneer finally announced, "Sold!" Turner squealed, turned around and yelled to a pal, "We got it!"

Just who is doing that heavy breathing on Fleetwood Mac's smash, Big Love? David Letterman has suggested it's Stevie Nicks, but he always picks on her. Anyway, the L.A. Herald Examiner rang up Fleetwood Mac's office to ask who owned the voice. It wasn't Nicks, a spokesperson said, and refused to name names. Well here's the last gasp on the subject: The breather is Mac's lead guitarist Lindsay Buckingham's live-in girlfriend, Sherry Caspari. Before the record came out Sherry told everyone that she was the mystery woman. Now friends say that she's embarrassed by it and would rather people didn't know it was her.

Prince Charles probably doesn't want people to know that he slipped up after receiving an honorary degree in literature from the University of Bologna. As the Prince left the hall, he neglected to return his cap and gown. A flustered university official reminded the Prince's equerry that they were a loan, not a gift. And, no, they didn't take back the degree.