Rael Levitt

Rael Levitt (born 10 May 1971) is an entrepreneur and business owner from South Africa and most well known as an auctioneer.

Early life

Rael Levitt was born in Bellville Cape Town. He studied at the United Herzlia Schools and matriculated in 1988. He received a Bachelor of Arts degree from the University of Cape Town in 1993. He later obtained an MBA from the National University of Singapore and a Global Executive MBA from the UCLA-Anderson School of Management in Los Angeles, U.S.A.

Business Life

Rael Levitt founded several South African real estate, asset trading and auction companies. He is most well known for developing and promoting the auction industry in Southern Africa.[1] Levitt 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 auction company, Levco Auction Group.[2] Levitt was responsible for many high profile sales including the assets of Freddie Steenkamp and politician Allan Boesak’s Foundation of Peace and Justice. In 1995, Levitt concluded a sale of 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 appointed the Vice Chairman of the South African Institute of Auctioneers and in 2011 was inducted into its Hall of Fame.[4]

Auction Alliance

Following the delisting of Seeff Holdings Ltd in 1998, Levitt completed a management buyout of the auction business. He renamed the company Auction Alliance and became its CEO based in Cape Town, South Africa. The company opened in several cities, including Pretoria, Johannesburg, Durban, Port Elizabeth, Nelspruit, Upington, Windhoek and Dubai (United Arab Emirates).[5] Auction Alliance became South Africa’s largest auction house.[6] Levitt also launched several other subsidiaries and companies related to Auction Alliance including: Salesbid, Asset Alliance; Alliance Business Brokers; Alliance Finance; and Valuation Alliance.[7] Auction Alliance acquired several real estate, auction and valuation companies.

Levitt worked to improve the image of the auction industry in South Africa by implementing various approaches including Multiple Auctions[8] and the development of the RAP (Rapid Auction Programme).[9] In 2006 Auction Alliance sold a 25.1% stake to Amabubesi Investments[10] and in 2010 a 31% stake to Transaction Capital.[11] By 2011 Auction Alliance's turnover was over R300 million.[12] with sales of over R6Billion.

Controversy

In 2012, Levitt stepped down as CEO of Auction Alliance after the well publicized Quoin Rock auction debacle where heiress billionaire Wendy Appelbaum accused Auction Alliance of using a ghost bidder against her.[13][14] On 2 April 2011, the National Consumer Commission found that Levitt had transgressed South Africa’s Consumer Protection Act 68 of 2012 and issued a compliance notice against the company.[15] This decision was overturned by the National Consumer Tribunal on 11 July 2012. Levitt and Auction Alliance won a number of cases against the National Consumer Commission and the Estate Agency Affairs Board.[16]

Philanthropy

Rael Levitt and Auction Alliance organized charity auction events and raised R250 million for various charities including the Nelson Mandela Children’s Trust.[17] Rael Levitt was a trustee of the Rambam Trust and the founder Trustee of the Tsojana Trust.[18]

Religious Affiliation

Levitt is a member of the Cape Town Jewish community. He was executive of South Africa’s largest synagogue: Green and Sea Point Hebrew Congregation. Levitt was the Chairman of YAD and sat on the board of the United Jewish Campaign.[19] He was appointed to the board of Glendale Home in 2013.

Awards

Rael Levitt was the recipient of the South African Jewish Entrepreneur of the Year Award in 2008[20] 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.[21]

References

  1. 1 2 On the fall of the hammer, By TheSouthAfrican.com on 3 August 2010
  2. ↑ Realised vision. WHAT IT MEANS, Next Generation Communications, 23 February 2007
  3. ↑ Samuel Seeff - Executive Profile, Bloomberg Businessweek
  4. ↑ The South African Auctioneering Conference, SAIA Events, 13 March 2011
  5. ↑ Auction Alliance expands to United Arab Emirates, Eprop.co.za, 1 December 2006
  6. ↑ Auction Alliance Employees Turn Bosses, Property24, 28 Dec 2012
  7. ↑ South Africa: Property Boosts Auction Industry, All Africa, 2 December 2005
  8. ↑ Cut-price commissions at "jumbo" property auctions, Money Web, 12 May 2009
  9. ↑ Property, Lamb to the slaughter, By Ian Fife 28 May 2010
  10. ↑ Major BEE deal signed under Property Charter, Mail&Guardian, 4 May 2006
  11. ↑ Transaction Capital acquires 31% of Alliance, BDLive, by Sure Kamhunga, 6 August 2012
  12. ↑ Auction group may face fine of R30m, Business Report, By Fiona Forde, 30 March 2012
  13. ↑ Levitt lawyers leave NCC bloodied, By Ant Katz, 18 July 2012
  14. ↑ Auction Alliance's Rael Levitt steps down, Mail&Guardian, 28 Feb 2012
  15. ↑ SAFLII, 18 June 2012
  16. ↑ The complete story of Rael Levitt, Auction Alliance and Quoin Rock wine farm, African Auction, 12 June 2013
  17. ↑ R50 000 for sperm bank, but no deposits, IOL, 25 August 1999
  18. ↑ Rael Levitt - Biography
  19. ↑ New chairman at the helm of YAD, Cape Jewish Chronicle, Vol. 28 No 2, March 2011
  20. ↑ Capetonians shine in Achiever Awards, Cape Jewish Chronicle, Vol. 25 No. 7, August 2008
  21. ↑ 2011 NAA - USA TODAY Marketing Competition Winners, 11 May 2011
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