Andrea Lavinthal and Colleen Kratofil
April 19, 2017 10:00 AM

Julia Roberts is the 2017 World’s Most Beautiful Woman! Learn her secrets to staying young—and subscribe now for this special edition featuring over 50 pages of beauties  – only in PEOPLE!

We imagine stars’ closets overflowing with stunning couture pieces from their many red carpet appearances – and PEOPLE’s World’s Most Beautiful cover star, Julia Roberts, confirms our theory. The Oscar winner sat down with editor-in-chief Jess Cagle and style and beauty director Andrea Lavinthal and shared some coveted closet info that has us totally jealous of the person who gets to raid it all one day — her daughter, Hazel!

Out of all her red carpet looks, Roberts says there was one moment that still stands out above all the rest. “I guess the one that gets the most commentary is probably my look for the Oscars for Erin Brockovich,” she says.

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You know the one: the vintage Valentino column gown she wore to the 2001 Oscars when she took home the award for Best Actressfeaturing white piping and a sheer black train. (The black-and-white color palette and vintage nature of the gown even inspired niece Emma’s Oscars gown this year — and she posed with a photo of her aunt in the memorable gown for good measure!)

To see the full interview, watch People Cover Story: World’s Most Beautiful—Julia Roberts, streaming now on the People/Entertainment Weekly Network. Go to People.com/PEN, or download the PEN app on your favorite device.

Though most dresses go back at the end of the night, she was able to keep hers in a surprising place: “It’s under my bed, in a box,” she says.

RELATED PHOTOS: Where Are They Now? The Oscars Gown Edition

Whether or not she’ll ever actually wear it again, she has it (and many, many other pieces) preserved for her 12-year-old daughter, she says. “I have this little space in my house that my husband refers to as the heritage collection. Things I go, ‘I can’t get rid of [this], what about Hazel?”

RELATED VIDEO: World’s Most Beautiful: Julia Roberts’ Diet, Family & More!

She says her husband, cinematographer Danny Moder, tries to make the case that Hazel may want her own clothes rather than her mom’s “old stuff,” but Roberts still keeps storing: “I say, ‘Well, maybe she’ll want it.’ So I keep keeping things.”

Just don’t expect to see Hazel wearing the gown to prom one day — even her mom doesn’t think she should debut it at a school dance. “I would say, ‘Don’t be so dressy at the prom,'” she says. “You’d look cooler.”

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