Margolis invested in hotels and property in New York City and New Jersey.
Margolis was part owner of a New York French restaurant, Cafe Chambord.
He was also a Broadway theatrical producer, sometimes with actor Martin Gabel: The Hidden River, Once More With Feeling, Tiger at the Gates and The Reclining Figure.
Margolis was founding director of New York's International Center of Photography and California's Pritikin Foundation.
He died on his 80th birthday in black tie at Lincoln Center, November 2, 1989.