Hard times in Beverly Hills? Not quite

By Sue Zeidler

LOS ANGELES (Reuters) - Times are tough in Beverly Hills. Well, tougher, anyway. As recession looms and Wall Street shivers, the Los Angeles area's richest are perhaps perspiring -- although they never actually sweat like other people.

Just ask Tim O'Hara, general manager at O'Gara Coach Company, a Beverly Hills-based Rolls-Royce dealership that caters to rock stars, actors and Hollywood executives, many of whom live in the mansion-filled city adjoining Los Angeles.

"Some clients would have bought (both) a Rolls-Royce and a Bentley every 12 months but now they've cut it down to buying two cars in an 18-month period," he said.

Such exotic cars as Rolls, Aston Martins, Bentleys and Lamborghinis cost from $100,000 to more than $1 million, and are still in demand in these parts.

While the slump continues to wreak havoc on world markets and cost thousands of people their jobs, homes and retirement savings, its effect on society's wealthiest, people with net worths of $10 million or more, is far more subtle.

Insulated from the perils threatening the day-to-day lives of the working poor and middle class, these affluent folks are still spending big on luxury cars, boats, jets and jewelry -- but less than they did a year ago, say realtors, car salesmen and other professionals who cater to this crowd.

SLOW-MOVING MANSIONS

Gary Gold, executive vice president of Los Angeles luxury home real estate agency Hilton & Hyland, whose clients include Denzel Washington, Bruce Springsteen, Barbra Streisand and Arnold Schwarzenegger, said high-end homes were staying on the market a tad longer than a year ago.