We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. (Fern Shen). 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. You also have the option to opt-out of these cookies. (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.). 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 Paterakis family name was found in the USA, and Canada between 1911 and 1920. 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. We intend to vigorously defend our familys good name and the legacy of our father.. 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. And it will be downright stupendous for the Paterakis clan. Todays action (by Cavanaugh) represents complete vindication and clears the Paterakis family name, Nusinov stated via email. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. Tax breaks for developers economic development or corporate welfare? John Paterakis Sr. died Oct. 16 at age 87. So theyre buying the city out cheaply.. (The Daily Record/File Photo). an IRA worth more than $500,000 and . An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. The Brew has learned that John Paterakis Sr., Baltimores billionaire bakery mogul, real estate developer and political powerbroker, died today at Johns Hopkins Hospital. Loving father of Stephen Paterakis and his wife Vickie, William Paterakis and his late wife Deborah, Vanessa Smith and her husband Frederick, John Paterakis, Jr. and his wife Emily, Charles. 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? But opting out of some of these cookies may have an effect on your browsing experience. The Herald said that made. With this distraction put to bed, the Paterakis family will continue to honor John Paterakis true testamentary wishes and his legacy of supporting Baltimore.. By: Adam Bednar A legal claim by the widow of H&S Bakery owner John Paterakis Sr. that his adult children from a prior marriage conspired to prevent her from inheriting $20 million has settled for much less and for no more than the children said their stepmother was entitled to under her agreement with their father. Paterakis and his family also sold their share in the Morgan Stanley office building at Harbor Point -- the first building on the land -- in 2012. In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. Paterakis was widely remembered for his contributions to Baltimore. But in Baltimore County's Orphans' Court, Paterakis' will and other documents filed after his death on Oct. 16, 2016 depict someone whose assets were largely held in trusts rather than easily accessed cash. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. Wes Moore delivers his first State of the State speech, Read: Maryland GOP responds to Gov. (Karen Jackson/Baltimore Sun). John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. There were also funeral expenses and probate fees and other administrative costs. Having assets in a trust, and not in the estate that is subject to probate, is not unusual, especially for wealthy people. That there would be a squabble over how that is dispersed is "not surprising" given the family dynamics, Tanouye said. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit In general, Paterakis was involved in local and . "There has to be some amount of money that would make this go away. All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. At issue is reconciling what Roula Paterakis' lawsuit says is "cash hoards" that her late husband maintained in an office safe, bank accounts and safe deposit boxes, with what has been filed in Orphans' Court, which makes no mention of such stashes, she said. Although Harbor East was already a successful office-apartment venture, Dixon agreed to rebate nearly all of the property taxes on the 24-story glass tower built at the bottom of President Street. A subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. We express no view as to whether it does or does not, the special appeals court opinion said. O3-C-18001742. 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. Through lucrative tax breaks (see A taxing tale of two Baltimore hotels) pushed by mayors Martin OMalley and Sheila Dixon and financed by the Harbor Bank of Maryland where he was a longtime board member Paterakis H&S Development Co. built Harbor East. Roula Paterakis will receive what she was left as either a beneficiary or co-owner when John Paterakis died on Oct. 16, 2016, at age 87. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. These cookies will be stored in your browser only with your consent. 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And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. "There are legitimate ways to shelter income," said Bobby Waldrup, accounting professor and interim associate dean of the Sellinger School of Business at Loyola University Maryland. Continue with Recommended Cookies, Your email address will not be published. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. Charles's annual salary is between $30 . These cookies do not store any personal information. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. Daily Record Business Writer She alleges that her husband's cash, assets and "controlling interest in the H&S Bakery enterprise" are worth more than $1 billion and should be part of his estate. 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. 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. FROM THE BREW ARCHIVES: Developer Paterakis orchestrates $130,000 in campaign contributions to Sheila Dixon (3/29/16), Tax breaks for developers economic development or corporate welfare? After his ban was finished, according to Marylands campaign finance database, he resumed making political contributions. But William Paterakis and Venice Smith say in their newly filed complaint that their fathers estate planning was lawful, and took place before he married his second wife. (1213people.com). In the following six years until now, the citys PILOT agreement has (depending on your point of view) saved a prominent family $24 million or deprived the city now facing the layoff of hundreds of school teachers because of a looming $130 million budget deficit of the same amount. Adam Bednar This category only includes cookies that ensures basic functionalities and security features of the website. Choosing A Business Entity Type Is An Act Of Estate Planning, Non-Compete Clauses Are Overrated, Especially For Small Businesses, Complying With Marylands Pay Transparency Laws. The dueling lawsuits expose a rift between the businessmans descendants and his second wife. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. Necessary cookies are absolutely essential for the website to function properly. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. 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. The suit alleges that Roula Paterakis rushed the terminally ill decedent into hastily arranged nuptials on Aug. 2, 2015, not even inviting his children. But those effortsfailed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. You also have the option to opt-out of these cookies. Paterakis was fined $25,000 and banned from making political contributions until 2012. By clicking Accept, you consent to the use of ALL the cookies. ", 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.". He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. Get your evening news in your e-mail inbox. The most Paterakis families were found in USA in 1920. According to Roula Paterakis' lawsuit, that figure should be much greater. 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. 290, Josephine Louis and family are heirs to the SC Johnson family fortune and have a net worth of $2.2 billion. 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. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. On July 19, the Paterakis siblings filed an updated accounting of the estate, adding additional income and subtracting various expenses. Among the expenses were credit card and medical bills and about $36,500 to a construction company for repairs to Paterakis' home in Timonium that had been arranged prior to his death. The lawsuit also alleged that William J. Paterakis and Venice Paterakis Smith, two of her husbands 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. But opting out of some of these cookies may have an effect on your browsing experience. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. Ohio had the highest population of Paterakis families in 1920. Save my name, email, and website in this browser for the next time I comment. Jeffrey E. Nusinov, the attorney representing the family, said the matters the trial court must reconsider will not substantially change the trial courts previous ruling in favor of his clients more than two years ago. Crumbs being relative, of course, with the Court of Special Appeals sending the issue of the alleged $20 million promise back to the lower court for review. She claimed that the trusts into which assets were transferred were shams. During the course of the bitter battle, she also accused her stepchildren of depleting their fathers cash assets during his final illness, while they accused her of greed and material excess. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. This week, the Baltimore Sun announced that Mrs. Paterakis has withdrawn her lawsuit against her stepchildren and a business associate of her husbands over her inheritance. 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. But his political largesse landed him in hot water in 2010. She filed a lawsuit in 2017, making public a feud within the family of a patriarch who for all his wealth and influence as a major political donor had lived a largely private life. Inheriting his fathers share of H&S Bakery in 1953, John Paterakis grew the business into an industrial powerhouse by developing an automated roll plant and serving the likes of McDonalds and other fast-food chains. This law firm website is managed by MileMark Media. What is ESG investing and why do some hate it so much? The lawsuitalso accused Roula Paterakis of berating and belittling John Paterakis Sr. 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. The family alleged Roula, unhappy with the money left to her in the estate including the house they lived in; $250,000; an IRA worth more than $500,000; and $647,500 in life insurance tried to force John Paterakis Sr. to leave her $5 million, according to the complaint. 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. His six children from his first marriage were the main beneficiaries of his non-probate assets; two of them, his son William Paterakis and his daughter Venice Paterakis Smith, were also the personal representatives of the estate. She was not able to get beyond the fact that her allegations were frivolous, he said of Roula Paterakis. She is still wealthy by most estimates, though; she owns the house where she and John Paterakis lived together, as well as bank accounts worth about $800,000. But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. var _Hasync=_Hasync||[];_Hasync.push(['Histats.start','1,4553220,4,511,95,18,00000000']);_Hasync.push(['Histats.fasi','1']);_Hasync.push(['Histats.track_hits','']);(function(){var hs=document.createElement('script');hs.type='text/javascript';hs.async=true;hs.src=('//s10.histats.com/js15_as.js');(document.getElementsByTagName('head')[0]||document.getElementsByTagName('body')[0]).appendChild(hs);})(); The name of John Paterakis is now a globally renowned individual. Also in play is $570,000 that John Paterakis daughters, Smith and Karen Phillipou, took from his safe deposit boxes while he was hospitalized in December 2013. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of deposit at Harbor Bank. 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. 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.. 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. That makes the 650,000 square-foot property worth about $312 million. 3/1/23 UPDATE: Following publication of this story, the Board of Estimates deferred action on the price increase. In an unreported opinion filed Thursday, the Court of Special Appeals found Baltimore County Judge Colleen Cavanaugh erred in rulings involving issues regarding stashes of cash kept by John Paterakis Sr., and a written and oral agreement between John Paterakis and Roula Paterakis that she would inherit $20 million. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Nusinov called the handwritten document suspect at best, characterizing it as illegible and having no legal validity.. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. We intend to vigorously defend our familys good name and the legacy of our father.. You dont do these deals if theres profit to be made. His actual net worth at the time of his death was unclear, but Roula Paterakis claimed she was supposed to inherit one-third of it. A consent judgment filed Wednesday in Baltimore County Circuit Court ended a messy, four-year legal battle between Roula Paterakis, the widow of the man who turned H&S Bakery from a family business into a conglomerate, and his six grown children, other family members and a business associate. 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 . 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.. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. Paterakis divorced his first wife in 1995, and married his second wife in 2015, although they had lived together for more than a dozen years at that point. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. "They almost always settle," Tanouye said. 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. August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. 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. We also use third-party cookies that help us analyze and understand how you use this website. Roula was seeking one-third of the decades-run family bakeries, Nusinov said. Manage Settings Some of our partners may process your data as a part of their legitimate business interest without asking for consent. 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. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. It is mandatory to procure user consent prior to running these cookies on your website. John Paterakis involvement in politics wasnt without controversy. His rise to prominence has resulted from his/her dedication to hard work. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. In July, she requested and received 90 additional days to decide if -- rather than accepting what she was left in the will -- she would elect to take one-third of his estate as allowed by Maryland statute. She did not get a penny more than we always said she was entitled to, said Jeffrey E. Nusinov, of Nusinov Smith LLP in Baltimore. Please read our moderation policy before leaving a comment. By: Steve Lash 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. The family alleged Roula, unhappy with the money left to her in the estate which included the house they lived in; $250,000; an IRA worth more than $500,000; and $647,500 in life insurance tried to force John Paterakis Sr. to leave her $5 million. John Paterakis Sr.s involvement in politics wasnt without controversy. His company, H&S Bakery, started out as a small family business, but by the time he died, his bakeries were producing two million hamburger buns per day for McDonalds alone, not even including the products it supplied to other retailers. This strategy changed when H&S decided to put the building on the market. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. The opinion upholds Cavanaughs ruling that Roula Paterakis claim she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren did not have merit. To purchase a reprint of this article, contact [emailprotected]. 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. But equally compelling as underscored by evidence arising from Dixons own embezzlement trial six months after the approval of the Legg Mason PILOT was the enormous clout of John Paterakis. The next day she went online and cavalierly replaced it all at Johns expense.. He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. He pleaded guilty to violating state campaign finance law after paying in excess of state contribution limits for a poll for former Councilwoman Helen Holton in 2007. That at least is the view from Baltimore Circuit Court, where his widow Roula Paterakis sued the six children from his previous marriage on Nov. 13 for her share of what she says is a $1 billion fortune. Our familys good name and the legacy of our partners may process your data as a wrongful act Bednar... Additional income and subtracting various expenses according to the use of all cookies! 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