#TheDress: Lupita Nyong'o's Supposed $150K Oscar Dress Is Fake-' Calvin Klein'

Lupita Nyong'o's Dress

It's turning into the greatest Oscar story in years. Lupita Nyong'o's stolen Oscar dress -- which was reportedly worth between $150,000 and $10 MILLION stolen from her hotel room -- appears to be all smoke and mirrors.

The thief called TMZ Friday and said he took 2 of the pearls down to the Garment District in L.A. and learned they were fake. That's when he returned the dress to the hotel.

Law enforcement sources said ... Calvin Klein's people never told them if the pearls were real or fake. We're told the only person who represented the pearls as real and valued the dress at $150K was Lupita's stylist.  

A source directly connected with the Women's Creative Director of Calvin Klein, Francisco Costa, put it this way , "Did anyone ever say they were real from Calvin Klein? I always assumed everyone knew they were fake, but I guess not."

The source awesomely adds, "Do they really make dresses out of real jewels since Cleopatra died?"

Credit: TMZ