Toast Of The Town Meaning

(idiomatic, dated) A person, male or female, who is admired and very popular in local society, and who is sought-after to attend parties, public events, etc.

Example: c. 1780, Robert Burns, "Mary Morison":
  I sat, but neither heard nor saw:
  Tho' this was fair, and that was braw,
  And yon the toast of a' the town,
  I sigh'd, and said among them a',
  "Ye are na Mary Morison."
1898 Nov. 25, "A Woman's Unique Revenge‎," Atlanta Constitution, p. 4:
  Miss Moore was the toast of the town, and numerous were the advantageous opportunities of matrimony of which she was the recipient.
1928 May 20, O. O. McIntyre, "Giving Things the "O. O." With McIntyre," Miami News, p. 8 (retrieved 29 Aug. 2011):
  Miss Dorothy Parker seems to be the newest literary toast of the town.
1945 Sep. 28, Allen V. Dowling, "Detroit Needs Just One More," Warsaw Daily Union (USA), p. 5 (retrieved 29 Aug. 2011):
  Newhouser was the toast of the town for his masterful, 11 to 0 shutout in which he struck out 10 batters.