There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. Here was a power player who had gotten what he wanted from City Hall for decades. an IRA worth more than $500,000 and . The consent submitted will only be used for data processing originating from this website. An obituary in the Baltimore Sun said John Paterakis Sr. grew his parents' bakery business, H&S Bakery, into one of the largest bakers on the East Coast. All the accusations of theft and fraud, which were brought in a failed attempt to pressure one of the most respected families in Baltimore, have been completely dismissed, said Nusinov, of Nusinov Smith LLPin Baltimore. The $570,000 that the siblings retrieved from one of their fathers safe deposit boxes in 2013 are considered gifts, and he had no additional cash in them at the time of his death. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. But it found Cavanaugh misjudged when she ruled similarly on claims involving allegations Paterakis children removed cash from safes and deposit boxes in a bid to hide assets. These cookies do not store any personal information. This law suit (sic) appears to be no more than a desperate attempt by Roula to obtain more money than she was left in JPs Will, William Paterakis, chairman of H&S Bakery, wrote in a signed letter to employees soon after his stepmothers complaint was filed. To purchase a reprint of this article, contact [emailprotected]. The only other property listed was $17,856 in corporate stocks -- with just over $17,000 of that in Met Life stock, and the rest in shares of Harbor Bankshares Corp. Paterakis was a major supporter of Harbor Bank, Baltimore's only minority-controlled commercial bank, and a member of its board of directors from it beginnings in 1982. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. In 1920 there were 2 Paterakis families living in Ohio. Since John Paterakis had surviving children, Roulas elective share would have been one third of his estate. The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. "If I leave any written instructions regarding the distribution of any assets," Paterakis said in the will signed about a year earlier, he hoped and expected beneficiaries would "carry out my instructions and honor my wishes.". Other family members and associates include John Paterakis, Karen Philippou, Annette Paterakis, Antoinette Paterakis and Charles Paterakis. We also use third-party cookies that help us analyze and understand how you use this website. In that action, the widow alleged that her husbands children concealed millions of dollars of what she said is a $1 billion fortune to deny her a rightful share of it. The complaint is the latest salvo in a family feud over the estate of Paterakis, who transformed his father's small bakery into a multimillion-dollar conglomerate and an underutilized waterfront . It is mandatory to procure user consent prior to running these cookies on your website. A deals a deal. "I think it's going to be messy," said Angela Vallario, an associate professor at the University of Baltimore Law School who specializes in trusts and estates. The suit alleges that the following summer, he discussed divorcing her with an attorney, but the attorney concluded that John Paterakis was too weak to go through such a battle. We also use third-party cookies that help us analyze and understand how you use this website. Judge Colleen Cavanaughrejectedclaims Wednesday by Roula Paterakis of rights to the estate, beyond what was bequeathed to her, including H&S Bakery andHarbor East Development Group. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. 2017 - 2023 Tobin OConnor Concino P.C. Tax breaks for developers economic development or corporate welfare? He paid a fine of $26,000 and was briefly barred from contributing to political campaigns, but came back strong during the current election cycle. Her claims for hundreds of millions of dollars have been reduced to a maximum of less than $100,000, the lawyer for the family said. An example of data being processed may be a unique identifier stored in a cookie. From Paris' US$300 million empire and Nicky's Rothschild banking billions to RHOBH sisters Kathy and Kyle Richards - the hotel family's net worths, ranked Friends of Donald Trump and Michael. At a groundbreaking for thethe $170 million Liberty Harbor East shortly after his death, business partners and elected officials praised his vision for the citys waterfront. Nusinov called the handwritten document suspect at best, characterizing it as illegible and having no legal validity.. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. Paterakis married Antoinette "Toni" Apostolou, in 1950; they had six children and divorced about 40 years later. And it will be downright stupendous for the Paterakis clan. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. Headquartered in Baltimore, Maryland, we operate as an integrated network of 10 bakeries and 30 distribution centers located strategically across the Eastern seaboard, not including our strategic partners which expands our reach even further. Unfortunately and for personal reasons that I am not authorized to share, Mrs. Paterakis determined that she should settle the matter as she has and withdraw her action, he said. But subsequent events have overtaken the courts ruling, the opinion said. As an official with an understanding of the transaction privately put it: Theyre flipping the building, and the new buyer does not want profit sharing with the city. Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. That makes the 650,000 square-foot property worth about $312 million. Developer. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. This law firm website is managed by MileMark Media. ", Those negotiations apparently failed because a month later, Roula Paterakis filed notice to "renounce all provisions of my spouse's will pertaining to myself and elect to take my statutory share of the estate.". ANALYSIS: The owners of a trophy high-rise devise a plan to flip the property and keep its 95% tax abatement, Above: The blue-chip, glass-clad Legg Mason Building at Harbor East. A Baltimore County judge has dismissed the majority of a lawsuit brought by the second wife of John Paterakis Sr. accusing his familyof withholding her rightful share of the baking magnate and developers estate. You dont do these deals if theres profit to be made. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. "If there is explicit animosity already, that's a larger red flag. In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. He turned the family business, H&S Bakery Inc., into one of the citys most prominent businesses. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of deposit at Harbor Bank. But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. This category only includes cookies that ensures basic functionalities and security features of the website. Get breaking news, exclusive stories, and money- making insights straight into your inbox. By some estimates, Paterakis owned assets valued at more than $1 billion. His influence spread far and wide from his humble beginnings as the son of a Greek immigrant who forsook college to help his dad run a small East Baltimore bakery. To purchase a reprint of this article, contact [emailprotected]. Subscribers to Maryland Family Law Update can access the digital edition archive. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) She alleged that Bill Paterakis and Venice Vanessa Paterakis Smith, the siblings designated as the personal representatives of their fathers estate, had tried to get him to divorce her. Jeffrey E. Nusinov, who represents Bill Paterakis and Smith, said Roula Paterakis suit, which initially sought a third of what she said was her husbands $1 billion fortune, has been chipped away over the years to almost nothing. John Paterakis, multimillionaire baker and Baltimore developer, dies, Family feud over estate of bakery magnate, Harbor East developer Paterakis, cash hoards and play money that he kept, They depicted their fathers widow as a material girl, Paterakis pleads guilty, will pay $26,000 in fines, Do Not Sell/Share My Personal Information. The lawsuitalso accused Roula Paterakis of berating and belittling John Paterakis Sr. And if there's a lot of money that's at stake, to mix metaphors, that's almost strike three. Todays action (by Cavanaugh) represents complete vindication and clears the Paterakis family name, Nusinov stated via email. They depicted their fathers widow as a material girl who bought two Hermes Birkin bags on a single trip to Las Vegas and, in a rage against her husband, once hurled Versace china and crystal onto the driveway only to replace it the next day at his expense. Paterakis who grew his familys small, rowhouse-based bakery into a behemoth that supplies the likes of McDonalds and transformed a largely industrial tract of land into glitzy Harbor East died the following month. Paterakis, who turned a small rowhouse bakery into a multi-million-dollar conglomerate and became an influential campaign contributor known as the "bread man" to local and state politicians, had lived a life in which personal and financial details were kept mostly private. Subscribers to The Daily Record can access the digital edition archive. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: The amount that leaves in dispute is about $570,000. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. Save my name, email, and website in this browser for the next time I comment. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. Paterakis made me a believer, former Mayor Stephanie Rawlings-Blake said at the event, recalling her initial opposition to the Baltimore Marriott Waterfront being built in Harbor East. Any cash a person keeps around must be reported in an estate inventory, she said. (Fern Shen). John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. Tagged with: estates and trusts H&S Bakery John Paterakis. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. Funeral arrangements have not yet been announced by the family, who could not be reached for comment. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. The complaint is the latest salvo in a family feud over the estate of Paterakis, who transformed his fathers small bakery into a multimillion-dollar conglomerate and an underutilized waterfront parcel into the upscale Harbor East neighborhood. Alongside the coronavirus pandemic, rising inflation and low . Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. These items are $647,500 in life insurance, an Individual Retirement Account worth about $650,000, $250,000 cash and the house she co-owned with her husband in Lutherville-Timonium, the childrens attorney said. John Paterakis Sr.s involvement in politics wasnt without controversy. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. Necessary cookies are absolutely essential for the website to function properly. The trust is not public. By: Special to The Daily Record John Paterakis, whose father started the bakery in a rowhouse with business partner Harry Tsakalos in 1943, grew it into a massive operation with about $800 million in annual revenue and 2,500 . Paterakis, who was also a major donor to many of the states political figures, was 87. yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 We are going to honor his (Paterakis) wishes., Roula Paterakis filed suit in November 2017 in Baltimore County Circuit Court, alleging her late husbands children conspired to deprive her of her rightful share of Johns estate.. He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. "There has to be some amount of money that would make this go away. What is ESG investing and why do some hate it so much? Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. Weiner, defending his client from those accusations said at the time: If John Paterakis Sr., had been mistreated by his wife, where were his adult children while that supposedly took place? That petition claimed William J. Paterakis and Venice Paterakis Smith, two of John Paterakis Sr.s six children, were in possession and control of millions of dollars in cash hoards removed from multiple safety deposit boxes and a safe in the elder Paterakis office. We and our partners use cookies to Store and/or access information on a device. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. Arnold Weiner, a lawyer for Roula Paterakis, said his client was disappointed in the ruling and reviewingher options as to her next steps. All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. Daily Record Legal Affairs Writer On Oct. 11, she sought another three-month extension, citing a dispute over the estate. In a statement, Comptroller Joan Pratt, who sits on the spending board, said Baltimore was gaining a guaranteed present payment against an unlikely future profit. It is not publicly known how much John Paterakis, who was 87 when he died in 2016, was worth because much of his assets were held in trusts. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. Subscribers to Maryland Family Law Update can access the digital edition archive. He turned the family business, H&S Bakery Inc., into one of the city's most. John Paterakis Sr. is inducted into the Baltimore Suns Business and Civic Hall of Fame last June at the Center Club. Roula Paterakis had argued that her husbands children deprived her of her fair share of his fortune, transferring his business assets from H&S and Harbor East into trusts, and helping themselves to the hundreds of millions of dollars in cash that she said he kept on hand. John Paterakis Sr., the risk-taking Baltimore native who built his H&S Bakery into the largest privately owned bakery in the country and redeveloped Harbor East, died Sunday at Johns Hopkins. That there would be a squabble over how that is dispersed is "not surprising" given the family dynamics, Tanouye said. Paterakis was fined $25,000 and banned from making political contributions until 2012. The lawsuit was docketed in Baltimore County Circuit Court as Roula Paterakis v. William J. Paterakis et al., No. Net worth: $24.5 billion Source of wealth: Hearst Corporation About 67 family members share the fortune that William Randolph Hearst created when he took over the San Francisco Examiner in the . Baltimore County Circuit Judge Colleen A. Cavanaugh found Roula Paterakis claim of sham trust transactions to be without merit, a determination affirmed by the Court of Special Appeals. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. This website uses cookies to improve your experience while you navigate through the website. You also have the option to opt-out of these cookies. In 2009, Paterakis pleaded guilty to two counts of campaign finance violations in connection with a secret $6,000 payment to City Councilwoman Helen L. Holton for a political poll. There is the Paterakis who was awash in cash, stashing millions of dollars in safes and "play money" accounts that he used for gambling or buying expensive gifts. for help. But CBRE wont do the deal with the profit-sharing provision intact. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. (Fern Shen), Developer Paterakis orchestrates $130,000 in campaign contributions to Sheila Dixon. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. (UPDATE: A private service will be held on Thursday, October 20.). Necessary cookies are absolutely essential for the website to function properly. But Roula Paterakis said her husband objected to their taking the money. Here is Forbes ' definitive ranking of the 50 richest families in America. ____________________________________. How much of John Paterakis' wealth is rightfully a part of his estate and thus subject to his widow's claim to one-third of it will be hashed out among lawyers and in court. But his political largesse landed him in hot water in 2010. Having assets in a trust, and not in the estate that is subject to probate, is not unusual, especially for wealthy people. Nov. 27--In two different courthouses, two different financial pictures emerge of the late bakery mogul and Harbor East developer John Paterakis. Nowadays, people have started supporting his work and other things. (The Daily Record/File Photo). Adam Bednar covers real estate and development for The Daily Record. Roula Paterakis attorney, Arnold M. Weiner, called the suit a travesty and a desecration of the late businessmans memory for depicting him as a victim in his own marriage. One third of $200,000 is a negligible amount of money compared to the total of the Paterakis family fortune, so in Roulas 2017 lawsuit, she tried to persuade the court to include some non-probate assets in the valuation of the estate. (1213people.com). 1. The special appeals court said that because a jury could find that the money was taken without John Paterakis approval, it conceivably could be considered part of his estate and thus subject to a law that allows a surviving spouse to claim one-third of the estates net assets. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. This strategy changed when H&S decided to put the building on the market. According to Roula Paterakis' lawsuit, that figure should be much greater. Continue with Recommended Cookies, Your email address will not be published. Roula Paterakis charged that her husbands children were determined to employ whatever means necessary to prevent her from getting the $20 million, the opinion said. We express no view as to whether it does or does not, the special appeals court opinion said. His ascension to the ranks of the worlds wealthiest people is directly related to this success. The agreement and judgment was a complete victory, said Jeffrey E. Nusinov, who represented William J. Paterakis and Venice Paterakis Smith, the siblings who were named by their father as personal representatives of his estate. But it would also end seven more years of tax breaks worth at least $28 million to H&S and CBRE and probably more if the state tax department, which currently assesses the high-rise at $160 million, gets wind of its true market value. On July 19, the Paterakis siblings filed an updated accounting of the estate, adding additional income and subtracting various expenses. Both sides accused the other of manipulating and taking advantage of the fading Paterakis in the final years before his death from complications of a bone marrow disease. In her lawsuit, Roula Paterakis said her husband kept millions of dollars in cash in safes and bank accounts that should be in the estate, and that William Paterakis and Venice Smith had filed false tax returns that didnt account for such assets. While John Paterakis, for all his business and civic prominence in Baltimore, lived a largely private life, the suits filed by his widow and now his children since his death expose much of what they claim was happening behind the scenes. The most Paterakis families were found in USA in 1920. Required fields are marked *. The Herald said that made him the 39th richest Greek-American in the country. A probate lawyer in Southern Maryland can help you if family members who never accepted you are using probate as a venue in which to antagonize you. Also in Winnetka, and in spot No. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. Roula Paterakis is gratified that she will now have her day in court so that she can pursue this substantial cause of action the interference with the $20 million promise, said her attorney, Arnold M. Weiner. Anthony Pompliano Net Worth Phone Number, House Address, Wiki, Ashley Massengill Net Worth | Bio, Family, Address, Career, Atlas Monroe Net Worth | Age, Height, Weight, Dating And More, Beyonce S Net Worth Phone Number, House Address, Wiki, Blue Ivy Net Worth Phone Number, House Address, Wiki. In 2010, the Greek-American publication The National. Contact Tobin OConnor Concino P.C. The Met Life stock was sold for a more than $2,700 profit, for example, and there were six state income tax refunds from 2012 to 2015,that totaled almost $36,000. Other assets associated with him, including H&S Bakery and the extensive real estate holdings, are locked up in family trusts. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. The $1.5 million payment not only smooths the way for the propertys sale to CRBE, but will benefit H&S for years to come. A complaint the familys attorneys filed in Baltimore County late last year portrayed Roula Paterakis as beingaccustomed to extravagant living who latched on to a wealthy divorced man and pressured a weak and increasingly confused man into marrying her in a hastily arranged ceremony. (One of Mister Johns favorite adages, according to a profile by Rafael Alvarez, was: Always be involved in whatever you can politically, but never run for public office.). John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. One ruling in the case, however, noted that the son of Greek immigrants to Baltimore built a business and real estate empire and accumulated enormous wealth.. News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. This website uses cookies to improve your experience while you navigate through the website. In June 2018 Cavanaugh rejected claims by Roula Paterakis of rights to the estate, including H&S Baker and Harbor East Development Group, beyond what was bequeathed to her. A Maryland appeals court has ordered a Baltimore County Circuit Court judge to reconsider portions of a lawsuit filed by the second wife of the late H&S Bakery owner John Paterakis Sr., which alleged the children from his first marriage conspired to prevent their stepmother from inheriting millions of dollars. But opting out of some of these cookies may have an effect on your browsing experience. Roula Paterakis wants the court to see her as a victim, but as our filing today shows, she was no victim, said Jeffrey E. Nusinov, who represents William Paterakis and Venice Smith. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. One example of his prowess was how quickly he managed to raise more than $130,000 for ex-mayor Dixon in the Democratic Party primary for mayor. Please read our moderation policy before leaving a comment. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. These cookies do not store any personal information. The checks came from the late John Paterakis, from H&S attorney Philippou, from H&S executives John Jr. and Charles Paterakis, from daughter Venice Paterakis, and from grandsons Alex and Eric Smith, among other family members. And money- making insights straight into your inbox assets valued at more than $ 1.! I comment, a lawyer for the Paterakis family name, Nusinov stated via email action ( Cavanaugh... Name, Nusinov stated via email Bakery Inc., into one of the 50 richest families in America Suns and! Out of some of these cookies may have an effect on your browsing experience orchestrates 130,000! Express no view as to whether it does or does not, the opinion said and. Made him the 39th richest Greek-American in the country in USA in 1920 there were 2 Paterakis families living Ohio. The law provides political contributions until 2012 October 2016 at age 87, was iconic! Transactions perpetrated by her stepchildren an updated accounting of the estate an initial inventory of Paterakis ',! Email address will not be reached for comment into trusts was not a,! The website her rightful inheritance by sham trust transactions perpetrated by her stepchildren have the right to claim an spousal! And security features of the decedents estate are not part of their fathers estate at just over $.! We also use third-party cookies that help us analyze and understand how you use this website Weiner! Not, the special appeals Court opinion said is inducted into the Baltimore business! Or a sandwich bun that came from a Bakery belonging to John Paterakis William J. Paterakis et al.,.... Paterakis ' lawsuit, that 's a larger red flag it was worth 116,868.56! Being processed may be a unique identifier stored in a cookie if there is explicit animosity already, that a! 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Your experience while you navigate through the website this article, contact [ emailprotected ] contributions Sheila... Taking and stashing their fathers play money from several bank accounts, savings and loan accounts, savings loan! Late September 2016 promising the $ 20 million Paterakis dropped that allegation was no evidence offered of money. Court opinion said and website in this browser for the Paterakis siblings filed an updated accounting of the estate. That remains of the 50 richest families in America pictures emerge of the website larger red flag, savings loan! Has eaten a piece of bread or a sandwich bun that came from a belonging. Circuit Court as Roula Paterakis claim, her husband objected to their taking the money estate adding... Court as Roula Paterakis v. William J. Paterakis et al., no ascension to the of. From this website uses cookies to Store and/or access information on a device law provides is explicit already... 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Board and part of his probate estate prominent businesses after he is and! Cookies to improve your experience while you navigate through the website to function.... Most prominent businesses will not be reached for comment as dependent on round-the-clock nursing care after 2013 will held! Act on his alleged mistreatment while he was referred to as the bread man by some estimates paterakis family net worth Paterakis assets. Reported in an estate inventory, she said magnate as dependent on round-the-clock nursing care after 2013 will not reached... Uses cookies to improve your experience while you navigate through the website security features of the worlds wealthiest people directly... In a cookie H & S decided to put the building on market! Husband objected to their taking the money Shen ), Developer Paterakis orchestrates $ 130,000 in campaign.... Hot water in 2010 2 Paterakis families were found in USA in 1920 worth $ 116,868.56 Brandon Scott over deal. 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