MINI BIO
MASTER INVESTOR
This harrowing event left an indelible mark on Levitt , serving as a profound reminder of the immense power of nature and the fragility of human life . It undoubtedly shaped his perspective and influenced the way he approached subsequent challenges in his personal and professional journey .
The second " tsunami " in Rael Levitt ' s life came in the form of industry-pioneering Auction Alliance ' s dramatic downfall following allegations of ghost bidding at an auction at Quoin Rock Wine estate , Stellenbosch in December 2011 . He was CEO at the time of a burgeoning company and was at the pinnacle of his remarkable 20-year career in auctions .
Rael was accused by powerful billionaire Wendy Appelbaum of using a ghost bidder to inflate the bid price of owner Dave King ’ s wine estate that he was mandated to sell by SARS .
The term " ghost bidding " refers to the practice of artificially inflating auction prices by placing fraudulent bids to deceive potential buyers and create an illusion of higher demand .
The company , which Levitt had founded in 2003 , faced significant turmoil and reputational damage as these allegations surfaced . Such allegations can have severe consequences for any auctioneering business , eroding trust and credibility in the industry .
As Auction Alliance faced the aftermath of these allegations , Levitt undoubtedly experienced the profound impact of the situation on a personal and professional level .
MINI BIO
Company : Inospace Current position : Chief Executive Offi Education / Qualifications : BA ( UCT ); Finance ( National University of Singap Hobbies & Passions : Running , readin Favourite book : ‘ Good to Great ’ by J Books Currently reading : The Happy People that have made an impact o nice Jewish boys are obliged to say th If you could have dinner with famou that be : Steve Jobs – Founder of App Life Motto / favourite quote : Never , n
19 JUNE / JULY 2023 SA Real Estate Investor Magazine