'Wizard of Oz' Ruby Red Slippers Were Stolen by Mobster who Has Confessed

The ruby red slipper theft has been solved ... with a confession from a mobster!

Terry Jon Martin has copped to stealing one of the most iconic items in movie history -- Dorothy's ruby red slippers from "The Wizard of Oz."

Terry Jon now admits ... he's the guy behind the smash and grab back in 2005 ... he used a hammer to obliterate the display case that was supposed to protect the slippers.

JJM says he was under the mistaken impression the shoes were bedazzled with real jewels. The reason he thought that -- the shoes were famously insured for $1M.

The shoes were recovered in 2018 and Martin was arrested and pled guilty to the theft.

The 76-year-old will not go to jail ... he's suffering from a serious illness so the judge showed him mercy. He's in hospice care and is only expected to live another 6 months.