Oscars 2014: Closest Academy Awards in years kicks off with Jared Leto ...

Jordan Strauss/Invision/AP

The 86th Annual Academy Awards kick off Sunday night - and it seems to be a tight three way race between 'Gravity,' 'American Hustle' and '12 Years a Slave.'

And the winner of the tightest, most mystery-filled Academy Award race in years goes to...

Going into Sunday's ceremony, the Best Picture race was considered a three-way dead heat. 'Gravity,' '12 Years a Slave' and 'American Hustle' all had Oscar-watchers guessing which would come out on top at the Dolby Theatre in Los Angeles.

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All three films have spent the last two months splitting awards ('Slave' and 'Hustle' won Best Drama and Best Comedy at the Golden Globes, respectively; 'Gravity' won a BAFTA, the British equivalent of an Academy Award, and shared a top Producers Guild prize with 'Slave.')

'Hustle' and 'Gravity' went into the night with the most nominations - 10 - but 'Slave' followed close behind with nine.

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Ellen DeGeneres, in her second time as Oscar emcee, presided over a show that saw front-runner Matthew McConaughey ('Dallas Buyers Club'), face off for Best Actor against Leonardo DiCaprio ('The Wolf of Wall Street'), Bruce Dern ('Nebraska') and Chiwetel Ejiofor ('12 Years a Slave') and Christian Bale ('American Hustle').

It took her four minutes to alienate her first victim. 'That is one of the most amazing Liza Minelli impersonators I've ever seen,' deadpanned DeGeneres to the real showbiz legend. 'Well done, sir.'

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Best Director was just as hotly contested, as Alfonso Cuaron ('Gravity') and Steve McQueen ('12 Years a Slave') held the lead, though David O. Russell ('American Hustle') also had a very real chance. Far behind was Alexander Payne ('Nebraska') and Martin Scorsese ('The Wolf of Wall Street').

Only Scorsese, New York's filmmaking maestro, has won Best Director previously (for 2007's 'The Departed').

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Cate Blanchett was the hands-down favorite to win Best Actress for 'Blue Jasmine.' Her main competition was 'American Hustle's' Amy Adams. The other competitors were Judi Dench ('Philomena'), Meryl Streep ('August: Osage County') and Sandra Bullock ('Gravity').

All five women have been nominated before. Only Adams had never won in her previous Oscar appearances.

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The night's other sure bet was Best Supporting Actor nominee Jared Leto ('Dallas Buyers Club'), who like Blanchett had won the lion's share of awards running up to the Oscars.

He got buzz Saturday night for an entertaining acceptance speech at the Independent Spirit Awards, where he thanked a laundry list of people, including 'All the women I've been with and all the women who think they've been with me.' He concluded by thanking Best Supporting Actress nominee Lupita Nyong'o, his 'future ex-wife.' (The two had been linked through a dubious gossip report.)

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At the Oscars, Leto was set to beat Barkhad Abdi ('Captain Phillips'), Bradley Cooper ('American Hustle'), Michael Fassbender ('12 Years a Slave') and Jonah Hill ('The Wolf of Wall Street').

His future ex-wife, Nyong'o ('12 Years a Slave), surpassed 'Hustle's' Jennifer Lawrence in recent weeks as the favorite for the Best Supporting Actress. Other nominees include Julia Roberts ('August: Osage County'), June Squibb ('Nebraska') and Sally Hawkins ('Blue Jasmine').

Angelina Jolie, whose newfound career as a director has focused on social and historical issues, received the Jean Hersholt Humanitarian Award. She's also a previous Oscar winner, for Best Supporting Actress for 1999's 'Girl, Interrupted.'

Steve Martin and Angela Lansbury were also recipients of Honorary Oscars. Lansbury was nominated three times for best Supporting Actress; Martin has never been nominated.

The night included a 75th anniversary look back at 1939 - widely considered the greatest year for movies - and performances of Best Song nominees 'Ordinary Love' by U2, 'Happy' by Pharrell Williams and 'Let It Go' by Idina Menzel.

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