Rael Levitt

Rael Levitt (born 10 May 1971) is an entrepreneur, business owner, and business leader from South Africa.

Career[]

Rael Levitt founded multiple real estate, investment, asset management and auction companies. He is best known for developing both auctions and business parks in Southern Africa.^[1] He began his career with his first property sale at the age of seventeen and the formation of Levco Property in 1989.^[1] In 1992, he founded his first property company, Levco Group.^[2] 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.^[3] Levitt was named Chairman of the South African Institute of Auctioneers and was inducted into its Hall of Fame.^[4]

After the delisting of Seeff Holdings Ltd in 1998, Levitt completed a management buyout, renamed the company Auction Alliance and became its CEO.^[5]

The company opened in several cities, including Pretoria, Johannesburg, Durban, Port Elizabeth, Nelspruit, Upington, Windhoek and Dubai (United Arab Emirates).^[6] Auction Alliance became South Africa’s largest auction house.^[7] Levitt also started several other companies including Salesbid, Asset Alliance, Alliance Business Brokers, Alliance Finance, and Valuation Alliance.^[8] Levitt acquired several real estate, management and valuation companies.

Levitt developed the auction industry in South Africa by various approaches including Multiple Auctions^[9] and the development of the RAP (Rapid Auction Programme).^[10] In 2006 Auction Alliance sold a 25.1% stake to Amabubesi Investments^[11] and in 2010 a 31% stake to Transaction Capital.^[12] By 2010 Auction Alliance's turnover was over R300 million,^[13] with sales of over R6 billion.^{[citation needed]}

In 2011, a dispute arose over a property that Levitt brought to public auction.^[14] 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. ^[15] The court cases that followed resulted in his vindication.^[16][17][18]

In 2013, Levitt acquired a bankrupt pomegranate orchard and by 2015 it became South Africa's largest pomegranate fruit exporter.

In 2017 Levitt founded Inospace, an owner and manager of serviced business parks.^[19] Inospace became the largest owner of business parks and centres in South Africa and in 2020 launched its 25th site in the United Kingdom.

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.^[20] 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,^[21] 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]} and sat on the board of the United Jewish Campaign.^[22]

Awards and recognition[]

Levitt was the recipient of the South African Jewish Entrepreneur of the Year Award in 2008,^[23] 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.^[24]

References[]