What was Bethenny Frankel's biggest fashion disaster ever?

"The camel toe, seersucker one-shoulder jumpsuit that I wore to the Kentucky Derby -- but I still did love it!" Frankel, 39, admitted to UsMagazine.com on Wednesday's black carpet for the 25 Most Stylish New Yorkers party at Lavo in NYC.

Fellow honoree Katie Couric's worst outfit ever was "featured in Us Weekly," the CBS Evening News anchor told Us about a "Grecian style" number she wore to the 2009 Mamma Mia premiere. "It didn't work, and you guys told me so."

(Rachael Ray still can't let go of her super-raggedy, but beloved "men's Adidas sweat pants.")

Scott Disick's biggest flub was much, much more subtle: "Wearing a suit and then a button breaking," Kourtney Kardashian's beau told Us. "Not a fan."

Celebs arriving for the big bash also admitted to some astonishing splurges -- like host and Most Stylish New Yorker 2010 Mary J. Blige, who says she dropped $80,000 on a mid-length sable fur coat!

Guests weren't afraid to offer some style advice to fashion-challenged stars. Heidi Montag's "coochie cutters" "aren't working for her," says one local personality. Stylish winner Kristin Chenoweth "loves" Britney Spears -- just not her fashion. "[She] needs to be more age appropriate," Chenoweth tells Us.

See what all the stars and honorees had to say at Wednesday's huge bash in this exclusive video. Watch now!