Kimman admits that the days of an instant fortune from real estate have passed but said he believes investors like him who are in it for the long term will successfully come through this period.
On the face of it, all is well for the wealthy and their housing empires.
Cranes tower over the desirable parts of L.A. and the real estate market is primed for the sale of the 29-bedroom, 40-bath former home of William Randolph Hearst and actress Marion Davies, which is on the market in Beverly Hills for $165 million.
Look a little closer though and you'll meet developers whose ebullience has dampened and you'll find a $165 million mansion that has sat on the list for more than a year.
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