It was a night to honor the sporting elite, but there was only one clear winner in the red carpet glamour race as Demi Moore had all eyes on her with a ravishing, red fitted dress.

The 17th Annual ESPY Awards took place in Los Angeles last night and stars and athletes alike came out dressed in their best.

Demi Moore looked jaw-dropping spectacular in a custom-made satin red Zac Posen dress. The 46-year-old looks amazing in almost anything she wears, but the slim fitting, corset bodice dress proved stylish and sexy, without revealing too much. Zac Posen is a master craftsman and enhanced Demi’s assets with the off shoulder / tank dress concoction that hugged every curve and had her looking like a million bucks.

Demi Moore presented American swimmer Michael Phelps with an award following his record haul of eight gold medals at the Beijing Olympics. Phelps scored five awards in total, including Male Athlete of the Year, ending the five-year reign of Tiger Woods. Phelps accepted his award in a smart suit looking relaxed and tan with a bit of facial hair that enhanced his overall sexiness. Not used to seeing him in clothes, as opposed to a speedo, he wore his collar open and finally appears to have overcome the bad boy image that’s been trailing him around.

Sister act Venus and Serena Williams swapped their tennis whites for a sophisticated look to mark the occasion and they nailed it. Venus looked hippie chic in a Mara Hoffman Spring 2009 print maxi dress. With her plunging neckline, loose wavy hair and silver accessories she evoked glamour with a fun twist. Serena, who always goes for an ultra glamorous look, didn’t disappoint in a teal blue Roberto Cavalli gown that showed off her best “assets.” Serena was nominated for female athlete of the year but lost out to Olympic gymnastics champion Nastia Liukin.

Victoria’s Secret models were also out in force, with Marisa Miller sporting a white-hot Dolce & Gabbana mini-dress with a jeweled and heavily embellished black belt. Miranda Kerr was a vision in white wearing a dramatic Calvin Klein halterneck gown with a deep plunging neckline. The dress was simple and elegant and worn with her loose hair pulled to the side, she looked fresh and fierce. In an odd twist, while Miranda was attending the event her boyfriend, Orlando Bloom’s, house was being robbed nearby.