According to British newspaper The Independent:
Olivia Palermo wearing J. Mendel @ The Frick Collection and Museum of the City of New York Gala
Who's the daddy? Olivia's mother is an interior decorator and her father is a real-estate developer.
Where's the money? Family money meant that Olivia was a shoo-in to the mercenary world of Manhattan society.
Interesting fabulousness: Short-lived reign as New York's new It-girl, now gets the sympathy vote for having been the subject of so much bitching.
Key look: Italian-American princess.