Australian supermodel, Miranda Kerr arrived in New York on Wednesday for an exclusive display of the $2.5 million Victoria's Secret Fantasy Bra that she will be wearing for this year's fashion event.

Studded with 142 carats of diamonds in addition to aquamarines, pearls and citrines; the 2011 version has been created in part by Long Island's London Jewelers.

It has been reported that the aqua push-up bra has been hand-set with nearly 3,400 precious gems, including 142 carats of white and yellow diamonds, pearls, faceted citrines and aquamarines, all set in 18-karat white and yellow gold.

It's such an honor to wear the bra, People magazine quoted Kerr as saying, And it's such a piece of artwork! It's absolutely stunning -- it kind of feels a little mermaid-like -- but I can't believe I'm wearing $2.5 million on my chest.

The Fantasy bra is regarded as one of the more important aspects of the Victoria's Secret annual fashion event. Typically, Victoria's Secret selects a single supermodel to display this unique, bejeweled bra during the show each year.

Although the bra was initially showcased only in VS catalogs, the luxe lingerie brand decided in 2001 to begin showcasing it during the annual fashion shows as well. Victoria's Secret Angels who have donned these designer creations include Gisele Bundchen, Tyra Banks, Karolina Kurkova and Adriana Lima. However, the highlight of the list must surely be Heidi Klum, who has worn the Fantasy Bra in three different years.

Although each Fantasy Bra is an enormously expensive proposition in itself, Victoria's Secret outdid itself back in 2000, when the bra and panties set modeled by Bundchen was declared by Guinness World Records to be the most expensive such lingerie creation ever designed, valued at $15 million. For the record, model Miranda Kerr has been selected to display the new 2011 creation, which is valued at $2.5 million.

Take a look at Miranda as she poses for the first close-up display of the 2011 fantasy bra creation: