CNN reports: Michelle Obama's dress 'probably cost around $12,000'

One guest thought the cost of the dress was close to $10,000.

"Well, first of all, I love the dress on her because I think it's so elegant and so simple. I mean, that shape is what we call the princess shape. It's got that sort of poof at the bottom that's very sort of billowy at the same time. It's strapless. I think we want to call that French blue, maybe," said a guest.

"Some people might call it periwinkle and it's got this sort of jet bodice and everything, and I think it's realy pretty. But a dress like that from Mrs. Herrera could potentially run up to almost $10,000."

Another guest on CNN last night thought the cost was about $12,000. "Well, by the way, I think that dress probably cost around $12,000. But that's just my guess," said Sally Quinn.

"FLOTUS was wearing a black and liberty blue Carolina Herrera gown," the pool reporter said.