10 a.m., Aug. 30
Recession Hitting San Diego's Superrich; Some Socialites Wearing the Same Gown Twice; Jewel Ball Doesn't Sell Out
The bear market and economic downturn are taking their toll on San Diego's Beautiful People, reports Margo Schwab, who covers the social scene through "The Social Diary.com." Says Schwab, "Events that always sell out are not. Auction items are less grand, and frankly, some of the rich are wearing the same gown twice! All I have to say is 'Welcome to the real world. Even Princess Diana wore her gowns more than once.'" One prominent socialite, unable to meet the mortgage, asked Margo for a loan. There is "a lot less talk of big trips to Europe. Rentals from the [La Jolla Beach & Tennis Club], always booked with a waiting list at this time, have signs up for vacancies." The recent Jewel Ball did not sell out -- the first time since the early 1990s, in her memory. "Two years ago it was sold out six months in advance. A number of socials are apparently not doing well on the financial front." Finally, "At the resale shop called Encore where Chanel, etc. can be bought, I was told by a salesperson that there is more inventory coming in from people. I have also heard that a lot of people are selling some of their excess jewelry."