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Designer Stuart Weitzman serving up his 2008 Oscar shoes. Photo: Toby Canham, Getty Images

Stuart Weitzman's $1 million bejeweled Oscar shoe has become something of a phenomenon since 2002, when he began giving one lucky Academy Award-nominated lady a pair to wear to the most famous red carpet event on the planet. But now, in light of the recession, the tradition is no longer.

"While the Oscars will certainly still be a glamorous event, we feel this year -- like we did last year -- that it is still not appropriate to be extravagant," Weitzman tells StyleList. "As such, we have decided not to create a 'million dollar shoe' for someone to wear to the 2010 ceremony."

Readers might recall "Juno" director Diablo Cody causing a stir when she refused to wear a pair of the pricey Kwiat diamond encrusted shoes (shown above) given to her for the 2008 Oscars.

"They're using me to publicize their stupid shoes and NOBODY ASKED ME," she ranted on her MySpace page, before ultimately deciding to wear a pair she already owned.

"I'm actually not sure (how much they cost)," Diablo said of her shoes. "But I'm sure it is nowhere near a million dollars. If I had a million dollars I would help people."

Do you think Weitzman's decision to halt his extravagant tradition is right considering the state of the economy? Leave a comment.

Stuart Weitzman Ditches Million Dollar Oscar Shoe