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Mortimer Levitt, along with his wife Annemarie was the principal and founder of The Custom Shop, Inc. The Custom Shop, Inc. operated over 70 retail stores through out the US and was under the sole ownership of Mr. Levitt until September, 1997 when the retail and manufacturing operations were sold. The proceeds from this sale were transferred directly to The Mortimer Levitt Foundation, Inc. which today consists of approximately $26 million of marketable securities and about $15 million in real estate. The assets not transferred remain the property of The Custom Shop, Inc, the
name of which corporation has been changed for business purposes to CS Levitt Inc. and later merged into CS Kansas City.
The sole shareholder of this corporation remained Mortimer Levitt until his passing in 2005 at which point in time Annemarie
Levitt assumed his role. In addition, Mr. Levitt was the sole shareholder of CS Kansas City Corp and Regency Development
of Marco Island Inc. These entities along with its subsidiary corporations are the owner of most of Mrs. Levitt’s
real estate portfolio. In addition to the real estate holdings, Mr. Levitt has a personal bond portfolio in excess of
$50 million. Additionally she has personal holdings, as well as entities which she controls in a real
estate portfolio with a net worth in excess of $65 million.
Mortimer Levitt remained a highly visible philanthropist in the New York area, particularly in the fields of music, theater and the arts through The Mortimer Levitt Foundation, Inc. until his passing in 2005. Mrs. Annemarie Levitt along with her daughter continues her husband’s legacy and remains actively engaged in the Foundation’s work, along with the real estate portfolio and the administration of CS Levitt Inc and its vast bond portfolio.
Levitt Properties maintains a real estate investment committee composed of his attorney Malcolm Chaifetz, his tax advisor Edgar Bohlen, Asset Manager, and Kathy Eberly, the Chief Financial Officer. Mrs. Levitt personally approves each sale or purchase of real estate and has acquired over the past twenty years real estate valued in excess of $200 million.
Mrs. Levitt and the Investment Committee continually seek investments in the $4 million to $20 million price range and are involved in two to four transactions a year. The profitability of the portfolio helps to provide funds for these new investments |
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