Adjective. Describes an extraordinarily fancy thing, event, or person that your jealousy causes you to play down.
a) beyond your social class and/or tax bracket
b) you failed to get the invite
c) you never heard of becuase you are "out of the loop"
* Sometimes accompanied by hand-on-hip
"Get a load of Miss fancy shmancy flaunting her Movados and her Escalade!"
"I ate alone last night because my jerk friends all went to that fancy shmancy party uptown."