OSCARS: Glass Slippers, Move Over

By Stephen M. Silverman

03/06/2002 at 04:03 PM EST

It's one thing for a star to look like a million bucks, but what about wearing it on her feet? At this year's awards ceremony, reports PEOPLE, expect to see bodyguards on the red carpet protecting pairs of shoes. New York footwear designer Stuart Weitzman has crafted the world's first pair of diamond-and-platinum stiletto heels. Designed with 464 karats of diamonds, including two five-carat pear-shaped diamonds, and fabric spun from platinum, the sandals are worth $1 million. (At that price, expect versatility: The diamonds can be removed from the shoes and worn as a necklace and a bracelet.) Three celebrities, including one Oscar nominee (whose identity has yet to be revealed) and country singer Faith Hill, are vying over the privilege to play Cinderella and slip on the history-making shoes. According to Weitzman's publicist, Roger Neal, the celebrities asked to remain anonymous so that "they can have that element of surprise when they hit the red carpet." Besides, Neal tells PEOPLE, the stars "don't want everyone to know they've got a pair of million-dollar shoes lying around the house." Designer Weitzman will choose who gets to wear the sparkling stilettos this Friday. Stay tuned.