Feb 6 ,2002 /FWD/ --- Stuart Weitzman stilettos have spent more time walking the red carpet than Joan Rivers on Oscar night.

So to satisfy his celebrity clientele - and up the fashion ante - Weitzman has created his first-ever million-dollar shoe for this awards season.

Fashioned from a fabric woven from pure platinum thread, the shoes "will be worn by someone well-known on Oscar night," Weitzman predicts. "And, hopefully, they will be a good luck charm." The lucky woman who will wear the shoes won't be revealed until the nominees are.

Other celebs will be able to swing by Weitzman's suite at L'Hermitage on Oscar day to accommodate last-minute wardrobe changes, but the million-dollar shoe wearer will have to be fitted ahead of time.

It was in his L'Hermitage suite last year that Weitzman first spoke with Platinum Guild president Laurie Hudson about creating the shoe.

Now, almost a year later, Weitzman has the precious fabric in hand. But since too much is never enough come Oscar time, the designer has teamed up with jewelry designer Kwiat to bedeck the shoes with diamonds.

"I want it to look like there are bracelets on your feet," explains Weitzman. The shoes will be delicate sandals, allowing the jewels to truly shine.

To ensure the shoes' versatility (a must for any item that sells for seven digits), the diamonds will be detachable so they can be worn as traditional jewelry later. And the shoes are still wearable without them.

Although Weitzman assures us the stilettos' platinum hue is "a very neutral color that will go with any dress that you would wear ... And diamonds go with everything," he's is also confident that "if the dress the star had in mind doesn't work with the shoe, it could be the first time they change the dress to go with the shoe."

Of course, this isn't the first time bejeweled shoes have graced famous feet on the red carpet. For the 1999 Oscars, Cate Blanchett commissioned a special pair of Jimmy Choo slingbacks, studded with 40 carats of diamonds (on loan from jeweler Craig Drake) set in white gold. Those were worth a mere $220,000 though.