Olivia Palermo Fills Her Bedroom-Size Closet With $2 Dresses

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Olivia Palermo isn't just a stylish girl from the block who sits front row at Fashion Week. She's also a college student, and a darn thrifty one at that. "Shockingly, whether it's a vintage store or the Salvation Army, you can find some fabulous pieces and just mix and match," she told us at the Operation Smile gala last night. The socialite finds the Salvation Army store in West Palm Beach a treasure trove: "I've found some really fabulous things, and people are really shocked." We can't say we are, considering we're talking about West Palm Beach. But moving on, what was her best find? "It was this black dress; the front was in checkers, orange and yellow and orange," she explained. "I thought I looked like a stop sign, but everyone seemed to love it." Like any budget shopper, Palermo doesn't hesitate to brag when she's got a steal: "I think it's kind of cool — it gives you a different side. So I was like, 'Yeah. $2.'"

Just because Palermo's threads cost less than your morning latte doesn't mean she goes through them like you do breakfast, however. "I keep everything, because with fashion, everything comes back around. So I like to bring it back and reuse it," she explained. It's no trouble because of her massive closet space, she added. Did she have as much as Mariah Carey, who most recently showed off her 3,000-square-foot closet on Oprah? "She's my next-door neighbor," Palermo said. "I have an entire walk-in closet room — an entire room." Lucky girl! But is it as big as Mariah's? "I don't know. It's a good size," she offered. But, like, could it be a bedroom if she put furniture in it? "Yes." Okay. That's the answer we were looking for. — Bennett Marcus