03/18/2010 05:12 am ET Updated May 25, 2011

Stuart Weitzman Says No Million Dollar Shoe At Next Oscars

Designer Stuart Weitzman is giving his Million Dollar Shoe the boot for next year's Oscars, Page Six reports. He explained, "With so many people struggling financially, and unemployment at 10 percent, I don't think it is appropriate. The actresses still want to go for glamour, but this year it will be more understated."

Weitzman's whimsical tradition was created in 2002, when he created diamond-encrusted sandals for "Mullholland Drive" star Laura Harring to wear on the red carpet. Since then, the fabled footwear has adorned the stems of up-and-coming women...and even been commemorated on a Spanish postage stamp. Although he may be keeping his Million Dollar Shoes in the box this year, we're sure plenty of his other pairs will be spotted at the Oscars.

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