A novelty footwear item includes a flexible outsole, a flexible footbed and a flexible elongated wedge-shape midsole. The midsole has a unitary construction including a heel support area and an arch support area. An open storage compartment is disposed within the heel support area and is concealed by the footbed which overlays the midsole and the outsole. The footbed is fixedly attached to a front toe area of the outsole and fixedly attached to the midsole at about the arch support area. The footbed is further removably attached to the midsole at about the heel support area so that the footbed may be lifted up pivotally and way from the heel support area to provide user access to the storage compartment. Stiffeners disposed within the footbed facilitate the pivoting of the footbed and prevent collapse of the footbed into the compartment under a user load.