There’s some good news and bad news for Mischa Barton.

The good news? She can now shelve that “My Wisdom Teeth Put Me in the Psych Ward” story. The bad news?  She now has more free time on her hands.

Despite a recent debut on the runway, The Beautiful Life has officially become the first major cancellation of the fall fashion season. The CW dimmed the lights on the Ashton Kutcher-produced show after two weeks of dismal ratings.

Even though six episodes had already been filmed, the program will be taken off the air effectively immediately. It’s believed repeats will take the Wednesday 9:00 time slot in the interim.

(To get a look at TV Envy’s 2009 Fall Programming Schedule, click here.)