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{{short description|South African auctioneer}}
{{short description|South African auctioneer}}
{{Use dmy dates|date=March 2014}}
{{Use dmy dates|date=April 2022}}
{{Use South African English|date=March 2014}}
{{Use South African English|date=March 2014}}
'''Rael Levitt '''(born 10 May 1971) is an entrepreneur, author and business leader from [[South Africa]]. He is a double master's degree graduate from the [[UCLA Anderson School of Management]] and the [[National University of Singapore]].
'''Rael Levitt '''(born 10 May 1971) is an entrepreneur, business owner, and business leader from [[South Africa]]. He was found guilty by the National Consumer Commission of ghost bidding while managing Auction Alliance,<ref>{{Cite web|url=https://www.privateproperty.co.za/advice/property/articles/auction-shock/1846|title = Auction Shock|website=www.privateproperty.co.za}}</ref><ref>{{Cite web|url=https://www.dailymaverick.co.za/article/2012-03-05-the-future-bears-more-pain-for-auction-alliance/|title=The future bears more pain for Auction Alliance|date=4 March 2012|website=www.dailymaverick.co.za}}</ref><ref>{{Cite web|url=https://www.iol.co.za/news/south-africa/western-cape/auction-boss-found-guilty-1267855|title=Auction boss found guilty|website=www.iol.co.za}}</ref> and admitted to auction rigging.<ref>{{Cite web|url=https://www.iol.co.za/news/south-africa/western-cape/levitt-admits-rigging-auction-1383872|title=Levitt admits rigging auction|first=Henriëtte|last=Geldenhuys|website=www.iol.co.za}}</ref> He is currently the CEO of Inospace, a commercial real estate company dealing in industrial and logistics space. <ref>{{Cite web|url=https://www.bizcommunity.com/Article/196/368/222832.html|title=The origins of Inospace - A property company growth story|website=Bizcommunity}}</ref>


== Career ==
== Career ==
Rael Levitt founded multiple real estate, investment and asset management companies. He is best known for developing both auctions and business parks in Southern Africa.<ref name=":0">{{cite news|archive-url =https://archive.today/20131210142840/http://www.thesouthafrican.com/business/on-the-fall-of-the-hammer.htm| url=http://www.thesouthafrican.com/business/on-the-fall-of-the-hammer.htm|title=On the fall of the hammer|newspaper=The South African|archive-date=2013-12-10|date=2013-08-10}}</ref> He began his career with his first property sale at the age of seventeen and the formation of Levco Property in 1989.<ref name=":0" /> In 1992, he founded his first property company, Levco Group.<ref>{{Cite web|url=http://next-generation-communications.tmcnet.com/news/2007/02/23/2366338.htm|title = Realised vision. WHAT IT MEANS}}</ref> Levitt was responsible for most of South Africa’s most high-profile property sales including the assets of Freddie Steenkamp and politician [[Allan Boesak]]’s Foundation of Peace and Justice. In 1995, Levitt sold Levco to Seeff Holding's Chairman, [[Lawrence Seeff]], and after acquiring Boland Bank’s auction arm, became the Managing Director of Seeff Auctions.<ref>http://investing.businessweek.com/research/stocks/private/person.asp?personId=595605&privcapId=595604&previousCapId=595604&previousTitle=Industrial%20Consumables%20Exchange</ref> Levitt was named Chairman of the South African Institute of Auctioneers and was inducted into its Hall of Fame.<ref>{{Cite web |url=http://www.auctioneering.co.za/4948/SAIA_Events.html |title=The South African Auctioneering Conference |date=2011-03-13 |website=SAIA Events}}</ref>
Levitt founded multiple real estate, investment and technology companies. He is best known for developing both real estate auctions and last-mile logistics parks in South Africa.<ref name=":0">{{cite news|archive-url =https://archive.today/20131210142840/http://www.thesouthafrican.com/business/on-the-fall-of-the-hammer.htm| url=http://www.thesouthafrican.com/business/on-the-fall-of-the-hammer.htm|title=On the fall of the hammer|newspaper=The South African|archive-date=2013-12-10|date=2013-08-10}}</ref>


=== Early career ===
After the delisting of Seeff Holdings Ltd in 1998, Levitt completed a management buyout, renamed the company Auction Alliance and became its CEO.<ref>{{cite news|title=Business Day |url=https://www.businesslive.co.za/bd/companies/property/2018-12-12-auction-alliances-rael-levitt-returns-to-property-arena/ |accessdate=17 December 2018}}</ref>
While studying at the University of Cape Town, Levitt sold his first property in 1989.<ref name=":0" /> In August 1992, he conducted his first auction on behalf of [[Absa Group Limited|Absa]] Bank Ltd<ref>{{Cite web |title=Absa Bank Ltd |url=http://www.absa.co.za |url-status=live |archive-url=https://web.archive.org/web/20110315001254/http://www.absa.co.za/ |website=Absa Bank Ltd |access-date=19 June 2022 |archive-date=15 March 2011 }}</ref> and at the age of 21 founded his first auction company, Levco Auctions.<ref>{{Cite web|url=http://next-generation-communications.tmcnet.com/news/2007/02/23/2366338.htm|title=Realised vision. WHAT IT MEANS|access-date=10 December 2013|archive-date=12 December 2013|archive-url=https://web.archive.org/web/20131212055620/http://next-generation-communications.tmcnet.com/news/2007/02/23/2366338.htm|url-status=live}}</ref> Three years later Levitt sold Levco Auctions to Seeff Holdings Ltd and merged the two companies. Levitt was appointed CEO of the merged company that was renamed Seeff Auctions.<ref>{{Cite news |date= |title=Auction Group Luanches |work=Independent Newspapers |url=https://www.iol.co.za/business-report/economy/auction-group-launches-new-office-in-namibia-772155 |access-date=4 April 2022 |archive-date=4 April 2022 |archive-url=https://web.archive.org/web/20220404051821/https://www.iol.co.za/business-report/economy/auction-group-launches-new-office-in-namibia-772155 |url-status=live }}</ref>


=== Auction Alliance ===
The company opened in several cities, including [[Pretoria]], [[Johannesburg]], [[Durban]], [[Port Elizabeth]], [[Nelspruit]], [[Upington]], [[Windhoek]] and [[Dubai]] (United Arab Emirates).<ref>{{cite web|url=http://www.eprop.co.za/news/item/7750-Auction-Alliance-expands-to-United-Arab-Emirates.html|title=Auction Alliance expands to United Arab Emirates|date=13 March 2011|website=Eprop.co.za}}</ref> Auction Alliance became South Africa’s largest auction house.<ref>{{Cite web|url=http://www.property24.com/articles/auction-alliance-employees-turn-bosses/16666|title = Auction Alliance employees turn bosses|website=Property24|date=2012-12-28}}</ref> Levitt also started several other companies including Salesbid, Asset Alliance, Alliance Business Brokers, Alliance Finance, and Valuation Alliance.<ref>{{cite web|url=http://allafrica.com/stories/200512020262.html| website=All Africa|date=2 December 2005|title=South Africa: Property Boosts Auction Industry}}</ref> Levitt acquired several real estate, management and valuation companies.
After the delisting of Seeff Holdings Ltd in 1998, Levitt completed a management buyout of Seeff Auctions, renamed the company Auction Alliance and became its CEO.<ref>{{cite news |title=Business Day |url=https://www.businesslive.co.za/bd/companies/property/2018-12-12-auction-alliances-rael-levitt-returns-to-property-arena/ |website=businesslive.co.za |accessdate=17 December 2018 |archive-date=17 December 2018 |archive-url=https://web.archive.org/web/20181217110546/https://www.businesslive.co.za/bd/companies/property/2018-12-12-auction-alliances-rael-levitt-returns-to-property-arena/ |url-status=live }}</ref><ref>{{cite web|url=http://allafrica.com/stories/200512020262.html| website=All Africa|date=2 December 2005|title=South Africa: Property Boosts Auction Industry}}</ref> In 2006, Auction Alliance sold a 25.1% stake to Amabubesi Investments<ref>{{Cite web|url = http://mg.co.za/article/2006-05-04-major-bee-deal-signed-under-property-charter|title = Major BEE deal signed under Property Charter|date = 4 May 2006|website=mg.co.za|access-date = 10 December 2013|archive-date = 4 March 2016|archive-url = https://web.archive.org/web/20160304002001/http://mg.co.za/article/2006-05-04-major-bee-deal-signed-under-property-charter|url-status = live}}</ref> and in 2010 a 31% stake to Transaction Capital.<ref>{{Cite web|url=http://www.bdlive.co.za/articles/2008/07/16/transaction-capital-acquires-31-of-alliance|website=BusinessLIVE|title=Transaction Capital acquires 31% of Alliance|first=Sure|last=Kamhunga|date=2008-07-16|access-date=2012-08-06|archive-date=19 June 2022|archive-url=https://web.archive.org/web/20220619015131/https://www.businesslive.co.za/bd/|url-status=live}}</ref> By 2011 Auction Alliance's turnover was over R300 million, with sales of over R6 billion.<ref>{{Cite web|url=http://www.iol.co.za/business/companies/auction-group-may-face-fine-of-r30m-1.1267272?showComments=true|title=Auction group may face fine of R30m|website=iol.co.za|access-date=10 December 2013|archive-date=24 September 2015|archive-url=https://web.archive.org/web/20150924035846/http://www.iol.co.za/business/companies/auction-group-may-face-fine-of-r30m-1.1267272?showComments=true|url-status=live}}</ref> In 2011, after a well-publicized dispute arose at an auction, Levitt voluntarily closed Auction Alliance.<ref>{{Cite news |last=Ny'Mumbo |first=Agola |date=28 May 2023 |title=It Takes A Tsunami: A Compelling Tale of Survival, Redemption, and Human Resilience |pages=1 |work=U Spiked |url=https://www.uspiked.com/reviews/books/2023/05/28/it-takes-a-tsunami/}}</ref>


=== Inospace ===
Levitt developed the auction industry in South Africa by various approaches including Multiple Auctions<ref>{{cite web|url=http://www.moneyweb.co.za/moneyweb-property/cutprice-commissions-at-jumbo-property-auctions| title=Cut-price commissions at "jumbo" property auctions|archive-url=https://archive.today/20131210142824/http://www.moneyweb.co.za/moneyweb-property/cutprice-commissions-at-jumbo-property-auctions |archive-date=10 December 2013| website=Money Web|date=12 May 2009}}</ref> and the development of the RAP (Rapid Auction Programme).<ref>{{Cite web|url=http://www.netassets.co.za/article.aspx?id=1148356|title = Netassets.co.za}}</ref> In 2006 Auction Alliance sold a 25.1% stake to Amabubesi Investments<ref>{{Cite web|url=http://mg.co.za/article/2006-05-04-major-bee-deal-signed-under-property-charter|title = Major BEE deal signed under Property Charter|date = 4 May 2006}}</ref> and in 2010 a 31% stake to Transaction Capital.<ref>{{Cite web|url=http://www.bdlive.co.za/articles/2008/07/16/transaction-capital-acquires-31-of-alliance|website=BusinessLIVE|title=Transaction Capital acquires 31% of Alliance|first=Sure|last=Kamhunga|date=2008-07-16|access-date=2012-08-06}}</ref> By 2010 Auction Alliance's turnover was over R300 million,<ref>{{Cite web|url=http://www.iol.co.za/business/companies/auction-group-may-face-fine-of-r30m-1.1267272?showComments=true#.UqcWJeKd_3A|title = Auction group may face fine of R30m}}</ref> with sales of over R6 billion.{{citation needed|date=December 2018}}
In 2017, Levitt founded Inospace, an owner and manager of last-mile logistics parks.<ref>{{cite news |last=Wilson |first=Nick |date=27 March 2022 |title=Inofort has big plans for 'last-mile' logistics |pages=1 |work=The Sunday Times |url=https://www.timeslive.co.za/sunday-times/business/business/2022-03-27-inofort-has-big-plans-for-last-mile-logistics-portfolio/ |access-date=3 April 2022 |archive-date=3 April 2022 |archive-url=https://web.archive.org/web/20220403055007/https://www.timeslive.co.za/sunday-times/business/business/2022-03-27-inofort-has-big-plans-for-last-mile-logistics-portfolio/ |url-status=live }}</ref> The company began with one site in Epping, Cape Town and grew rapidly through innovative asset managent and strategic acquisitions.<ref>{{Cite news |last=Anderson |first=Alistair |date=20 August 2020 |title=Q&A Rael Levitt: Making industrial space more flexible |work=Business Day |url=https://www.businesslive.co.za/bd/companies/property/2020-08-20-qa-rael-levitt-making-industrial-space-more-flexible/ |access-date=4 April 2022 |archive-date=1 April 2022 |archive-url=https://web.archive.org/web/20220401191959/https://www.businesslive.co.za/bd/companies/property/2020-08-20-qa-rael-levitt-making-industrial-space-more-flexible/ |url-status=live }}</ref> Under Levitt's leadership, Inospace grew its assets to over R3billion.<ref>{{cite news |last=Bizcommunity |first=Journalist |date=30 November 2021 |title=The Origins of Inospace |work=Bizcommunity |url=https://www.bizcommunity.com/Article/196/368/222832.html |access-date=3 April 2022 |archive-date=2 December 2021 |archive-url=https://web.archive.org/web/20211202001711/https://www.bizcommunity.com/Article/196/368/222832.html |url-status=live }}</ref> In 2022, Inospace concluded a R1,25billion transaction with Fortress REIT Ltd.<ref>{{cite web|url=https://www.businesslive.co.za/bd/companies/property/2018-12-12-auction-alliances-rael-levitt-returns-to-property-arena/|title=Auction Alliance's Rael Levitt returns to property arena|work=BusinessLIVE|language=en-ZA|access-date=2019-05-03|archive-date=17 December 2018|archive-url=https://web.archive.org/web/20181217110546/https://www.businesslive.co.za/bd/companies/property/2018-12-12-auction-alliances-rael-levitt-returns-to-property-arena/|url-status=live}}</ref> In 2023, Inospace began offering a range of logistics services including flexible warehousing and fulfilment services to e-commerce businesses <ref>{{Cite news |last=Mhlanga |first=Denise |date=6 August 2023 |title=Inospace launches e-commerce fulfilment warehouse in Cape Town |pages=1 |work=Business Day }}</ref>


=== Lisa Proptech ===
In 2013, Levitt acquired Bonathaba Farms, a bankrupt pomegranate orchard, and by 2015 it became South Africa's largest pomegranate fruit exporter.
In 2023, Dutch-based technology platform Lisa BV acquired the core leasing technology platform from Inospace, South Africa’s largest last-mile logistics operator.<ref>{{Cite news |last=Mutisi |first=Tapiwa |date=18 October 2023 |title=Smart leasing platform Lisa BV launches in South Africa |url=https://innovation-village.com |work=Innovation Village |pages=2–3}}</ref> Levitt was appointed as the South African CEO and Dutch non-executive Chairman.<ref>{{Cite web |last=Andersen |first=Alistair |date=26 October 2023 |title=Game-changing proptech: Lisa smart leasing platform launches in South Africa |url=https://propertyflash.co.za/2023/10/26/game-changing-proptech-lisa-smart-leasing-platform-launches-in-south-africa/ |website=Property Flash}}</ref>


=== Lift Airline ===
In 2017 Levitt founded Inospace, an owner and manager of serviced business and logistics parks.<ref>{{Cite web|url=https://www.businesslive.co.za/bd/companies/property/2018-12-12-auction-alliances-rael-levitt-returns-to-property-arena/|title=Auction Alliance's Rael Levitt returns to property arena|work=BusinessLIVE|language=en-ZA|access-date=2019-05-03}}</ref> Inospace became the largest owner of business parks and centres in South Africa and in 2020 launched its 25th site in the United Kingdom. Under Levitt, Inospace grew to over 45 sites by 2021 with a market value of close to R2Billion.
Levitt was a founding shareholder of '''Lift Airline,''' which launched on 10 December 2020. Lift operated on major domestic routes from [[O. R. Tambo International Airport]], Johannesburg using a fleet of [[Airbus A320]] narrow body aircraft, operated by [[Global Aviation]]. In 2024, Levitt reduced his interests in Lift and remains as a non-executive director of the airline.<ref>{{Cite news |last=Smith |first=Carin |date=11 December 2021 |title=Flexibility helped SA's youngest airline celebrate one year, says CEO |work=News24 |url=https://www.news24.com/fin24/companies/flexibility-helped-sas-youngest-airline-celebrate-one-year-says-ceo-20211211 |access-date=4 April 2022 |archive-date=4 April 2022 |archive-url=https://web.archive.org/web/20220404051820/https://www.news24.com/fin24/companies/flexibility-helped-sas-youngest-airline-celebrate-one-year-says-ceo-20211211 |url-status=live }}</ref>


== Book ==
== Quoin Rock Winery auction controversy ==
''It Takes a Tsunami'' (2022), published by Mercury.<ref>{{Cite news |last=Sinxo |first=Zolani |date=Nov 26, 2022 |title='It Takes a Tsunami': A story of downfalls and success |work=IOL |url=https://www.iol.co.za/weekend-argus/news/it-takes-a-tsunami-a-story-of-downfalls-and-success-ffa28848-ba7a-4e5d-ab01-f2ebff2072db }}</ref>


== Community positions ==
In 2011, a dispute arose over a property that Levitt brought to public auction.<ref> {{Cite web|url=https://www.iol.co.za/saturday-star/the-bidder-who-smelt-a-rat-1238491|title=The bidder who smelt a rat {{!}} Saturday Star|website=www.iol.co.za|language=en|access-date=2019-08-29}} </ref> The dispute was covered extensively in the media, and Levitt stepped down as CEO of Auction Alliance and as a board member of the national auction association. <ref> {{Cite web|url=https://www.iol.co.za/news/south-africa/western-cape/levitt-quits-auction-body-1240355|title=Levitt quits auction body {{!}} IOL News|work=www.iol.co.za|language=en|access-date=2019-05-03}} </ref>
⚫
In 2010 Levitt was appointed as the Chairman of YAD.<ref>{{cite news|url=http://www.cjc.org.za/wp-content/uploads/2011/march2011web.pdf|title=New chairman at the head of YAD| archive-url=https://web.archive.org/web/20150923204426/http://www.cjc.org.za/wp-content/uploads/2011/march2011web.pdf |archive-date=23 September 2015|newspaper=Cape Jewish Chronicle|volume=28 |issue=2|date=March 2011}}</ref> He was appointed a trustee of the Rambam Trust, a board member of Glendale care services and the United Jewish Campaign. Levitt is the founding trustee of the Red Circle Trust, which focuses on entrepreneurial educational development.


⚫
== References==
He was accused by the National Consumer Commission of bid-rigging and activities that could be construed as fraudulent including falsifying bidding records, planting a ghost bidder, and knowingly provided false information regarding the incident.<ref>{{Cite web|url=https://www.timeslive.co.za/news/south-africa/2012-04-01-levitt-faces-fine-over-dodgy-deal/|title=Levitt faces fine over dodgy deal|website=TimesLIVE}}</ref> A forensic investigation by Auction Alliance found that he colluded with attorneys, auctioneers, banks and liquidators in a money making racket paying millions of rands in bribes.<ref>{{Cite web|url=https://www.news24.com/News24/Auction-kickback-scandal-revealed-20120218|title=Auction kickback scandal revealed|website=News24}}</ref><ref>{{Cite web|url=https://www.timeslive.co.za/news/south-africa/2016-05-13-exposed-rael-levitts-kickback-racket/|title = Exposed: Rael Levitt's kickback racket|website=TimesLIVE}}</ref>
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{{Reflist}}


==External links==
He went into hiding, publicly admitted to making mistakes and issued an apology subsequent to the allegations. Levitt said: "I made some mistakes at that auction and I am sincerely sorry about them."<ref>{{Cite web|url=http://www.sacommercialpropnews.co.za/property-companies-news/4657-rael-levitt-admits-career-gone-and-says-sorry.html|title=Rael Levitt admits career gone and says sorry|website=SA Commercial Prop News}}</ref>
* {{official website|https://www.raellevitt.com/}}

* {{LinkedIn user|raellevitt}}
The National Consumer Commission eventually found Levitt guilty of bid rigging and fraud<ref>{{Cite web|url=https://www.news24.com/Fin24/auction-alliance-boss-wins-court-case-20120619|title=Auction Alliance boss wins court case|website=Fin24}}</ref>, although he was never charged in a criminal trial. <ref> {{Cite web|url=https://www.moneyweb.co.za/archive/rael-levitt-not-found-guilty-of-fraud/|title=Rael Levitt not found guilty of fraud|date=2012-04-02|work=Moneyweb|access-date=2019-05-03}} </ref><ref> {{Cite web|url=http://www.saflii.org/za/cases/ZAWCHC/2012/93.html|title=Levitt and Others v National Consumer Commission and Another (7708/12) [2012] ZAWCHC 93 (18 June 2012)|website=www.saflii.org|access-date=2019-08-29}} </ref><ref>{{Cite web|url=http://www.saflii.org/za/cases/ZAWCHC/2014/180.html|title=Auction Alliance (Pty) Ltd and Another v Minister of Police and Others (8324/2014) [2014] ZAWCHC 180 (3 December 2014)|website=www.saflii.org|access-date=2019-08-29}}</ref>

== Philanthropy ==
Levitt organized and conducted charity auction events between 1992 and 2012, raising over R250 million for various charities including the [[Nelson Mandela]] Children's Trust.<ref>{{cite news|url=http://www.iol.co.za/news/south-africa/r50-000-for-sperm-bank-but-no-deposits|title=R50 000 for sperm bank but no deposits|newspaper=IOL|date=1999-08-25}}</ref> Many of the country's leading auction fundraisers in South Africa were trained by him under his "auctiontainment" brand. Levitt was appointed as trustee of the Rambam Trust, and founded the Tsojana Trust,<ref>{{Cite web |url=http://www.raellevittbiography.co.za/about-rael-levitt.html |title=Rael Levitt - Biography |access-date=10 December 2013 |archive-url=https://web.archive.org/web/20130807114556/http://raellevittbiography.co.za/about-rael-levitt.html |archive-date=7 August 2013 |url-status=dead }}</ref> which built schools and educational facilities in the rural Eastern Cape of South Africa. He has served on the boards of various other charitable institutions including the Glendale Home, the United Jewish Campaign and the Edom Trust.

== Religious affiliation ==
⚫
Levitt is a member of the Cape Town Jewish community. He was executive committee member of South Africa’s largest synagogue, Green and Sea Point Hebrew Congregation. In 2010 he was appointed as the Chairman of YAD{{clarification needed|date=December 2018}} and sat on the board of the United Jewish Campaign.<ref>{{cite news|url=http://www.cjc.org.za/wp-content/uploads/2011/march2011web.pdf|title=New chairman at the head of YAD| archive-url=https://web.archive.org/web/20150923204426/http://www.cjc.org.za/wp-content/uploads/2011/march2011web.pdf |archive-date=23 September 2015|newspaper=Cape Jewish Chronicle|volume=28 |issue=2|date=March 2011}}</ref>

== Awards and recognition ==
Levitt was the recipient of the South African Jewish Entrepreneur of the Year Award in 2008,<ref>{{cite news|url=http://cjc.org.za/wp-content/uploads/2008/08/2008augustforweb.pdf|title=Capetonians shine in Achiever Awards|archive-url=https://web.archive.org/web/20081121123030/http://cjc.org.za/wp-content/uploads/2008/08/2008augustforweb.pdf |archive-date=21 November 2008|newspaper=Cape Jewish Chronicle|volume=25 |issue=7 |date=August 2008}}</ref> and was a finalist for the South African [[Ernst and Young]] World Entrepreneur competition in 2011. He also won the ''[[USA Today]]'' National Auctioneering Association’s annual awards several times.<ref>[http://www.auctioneers.org/newsroom/2011-naa-usa-today-marketing-competition-winners 2011 NAA - USA TODAY Marketing Competition Winners] {{webarchive|url=https://web.archive.org/web/20140312020231/http://www.auctioneers.org/newsroom/2011-naa-usa-today-marketing-competition-winners |date=12 March 2014 }}, 11 May 2011</ref>

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== References==
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{{Reflist|2}}


{{DEFAULTSORT:Levitt, Rael}}
{{DEFAULTSORT:Levitt, Rael}}

Latest revision as of 13:21, 29 December 2024

Rael Levitt (born 10 May 1971) is an entrepreneur, author and business leader from South Africa. He is a double master's degree graduate from the UCLA Anderson School of Management and the National University of Singapore.

Career

[edit]

Levitt founded multiple real estate, investment and technology companies. He is best known for developing both real estate auctions and last-mile logistics parks in South Africa.[1]

Early career

[edit]

While studying at the University of Cape Town, Levitt sold his first property in 1989.[1] In August 1992, he conducted his first auction on behalf of Absa Bank Ltd[2] and at the age of 21 founded his first auction company, Levco Auctions.[3] Three years later Levitt sold Levco Auctions to Seeff Holdings Ltd and merged the two companies. Levitt was appointed CEO of the merged company that was renamed Seeff Auctions.[4]

Auction Alliance

[edit]

After the delisting of Seeff Holdings Ltd in 1998, Levitt completed a management buyout of Seeff Auctions, renamed the company Auction Alliance and became its CEO.[5][6] In 2006, Auction Alliance sold a 25.1% stake to Amabubesi Investments[7] and in 2010 a 31% stake to Transaction Capital.[8] By 2011 Auction Alliance's turnover was over R300 million, with sales of over R6 billion.[9] In 2011, after a well-publicized dispute arose at an auction, Levitt voluntarily closed Auction Alliance.[10]

Inospace

[edit]

In 2017, Levitt founded Inospace, an owner and manager of last-mile logistics parks.[11] The company began with one site in Epping, Cape Town and grew rapidly through innovative asset managent and strategic acquisitions.[12] Under Levitt's leadership, Inospace grew its assets to over R3billion.[13] In 2022, Inospace concluded a R1,25billion transaction with Fortress REIT Ltd.[14] In 2023, Inospace began offering a range of logistics services including flexible warehousing and fulfilment services to e-commerce businesses [15]

Lisa Proptech

[edit]

In 2023, Dutch-based technology platform Lisa BV acquired the core leasing technology platform from Inospace, South Africa’s largest last-mile logistics operator.[16] Levitt was appointed as the South African CEO and Dutch non-executive Chairman.[17]

Lift Airline

[edit]

Levitt was a founding shareholder of Lift Airline, which launched on 10 December 2020. Lift operated on major domestic routes from O. R. Tambo International Airport, Johannesburg using a fleet of Airbus A320 narrow body aircraft, operated by Global Aviation. In 2024, Levitt reduced his interests in Lift and remains as a non-executive director of the airline.[18]

Book

[edit]

It Takes a Tsunami (2022), published by Mercury.[19]

Community positions

[edit]

In 2010 Levitt was appointed as the Chairman of YAD.[20] He was appointed a trustee of the Rambam Trust, a board member of Glendale care services and the United Jewish Campaign. Levitt is the founding trustee of the Red Circle Trust, which focuses on entrepreneurial educational development.

References

[edit]
  1. ^ a b "On the fall of the hammer". The South African. 10 August 2013. Archived from the original on 10 December 2013.
  2. ^ "Absa Bank Ltd". Absa Bank Ltd. Archived from the original on 15 March 2011. Retrieved 19 June 2022.
  3. ^ "Realised vision. WHAT IT MEANS". Archived from the original on 12 December 2013. Retrieved 10 December 2013.
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