You are providing the support to help a marginal project to be viable.. A judge dismissed much of Roula Paterakis 's original. "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.". 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.. 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. An example of data being processed may be a unique identifier stored in a cookie. For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. Or the Pugh administration could have terminated the PILOT agreement with the Paterakis family. Subscribers to Maryland Family Law Update can access the digital edition archive. 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 . ", Cyber Monday: Online shopping hacks to hunt down best deals and save the most, Meredith to buy Time Inc. for upward of $2.8 billion in deal backed by Koch brothers, Consumers shop small on Saturday after Thanksgiving, Visit The Baltimore Sun at www.baltimoresun.com. This strategy changed when H&S decided to put the building on the market. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. And it will be downright stupendous for the Paterakis clan. The Herald said that made him the 39th richest Greek-American in the country. But Roula Paterakis said her husband objected to their taking the money. Get breaking news, exclusive stories, and money- making insights straight into your inbox. Her suit described scenes of turmoil before Paterakis death and afterward, of fights breaking out in Harbor East restaurants and the siblings helping themselves to their fathers cash hoards and so-called play money. The siblings fired back, characterizing her as a spendthrift who once charged two Hermes Birkin handbags to her hotel room in Las Vegas and pressured him into a hasty wedding. John Paterakis was an iconic Baltimore businessman and political player who turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. Alongside the coronavirus pandemic, rising inflation and low . 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. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. Walton Family . (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.). We and our partners use cookies to Store and/or access information on a device. Wednesdays consent judgment dispensed with Roula Paterakis claims: Roula Paterakis and the Paterakis siblings did not respond to requests made through their attorneys for comment. Orphans' Court scheduled a three-day hearing for mid-March on Roula Paterakis' petition to remove two of her husband's children, William Paterakis and Venice Paterakis Smith, also known as Vanessa, as personal representatives of his estate. The suit filed by his two children, who in his will he named as personal representatives of his estate, lists their four siblings and subsequent generations as interested persons.. All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. an IRA worth more than $500,000 and . Continue with Recommended Cookies, Your email address will not be published. Shunning the thought of retirement despite poor health, Paterakis was involved in the expansion of his domain to the east side of Central Avenue with the proposed $170 million Liberty Harbor East project. The complaint filed Thursday against Roula Paterakis, who married the businessman about a year before his death although they had lived together since 2001, seeks to lift the cloud she created by her own suit over his 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. But opting out of some of these cookies may have an effect on your browsing experience. (You Tube), There was, however, a proviso in the PILOT agreement that said the city would receive 25% of excess net proceeds after the developer achieves a 15% cumulative return on equity.. He was 87. 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. Up/down is compared to their net worth in 2015. Subscribers to The Daily Record can access the digital edition archive. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. 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. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. In the final month of her husbands life, Roula Paterakis sought to increase her inheritance, the suit alleges. 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 family denied the allegations and called Roula Paterakis lawsuit desperate., 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, John Paterakis Sr. son andchairman of H&S Bakery, wrote in a signed letter to employees in November 2017. As John Paterakis health began failing, the suit charges, she became concerned not with his well-being but with ensuring that she got as much of his fortune as possible. Get your evening news in your e-mail inbox. 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. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. Are the children willing to give that up to avoid the fight? Washington, District of Columbia 20015. We intend to vigorously defend our familys good name and the legacy of our father.. "Speaking from my own practice, the vast majority of elective share cases involve an underlying dispute between the surviving spouse and children from an earlier marriage," he said. 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. On Oct. 11, she sought another three-month extension, citing a dispute over the estate. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. Stephen's personal network of family, friends, associates & neighbors include Antonia Paterakis, John Paterakis, Victoria Mclaughlin, Annette Paterakis and Antoinette 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. The appeals court also found Cavanaugh erred when she dismissed a claim for declaratory relief without declaring the rights of the parties. Our source scoffed at this explanation, saying, I bet its what George Philippou offered them, referring to the longtime lawyer for H&S Properties, who is married to the youngest daughter of the late John Paterakis. Here is Forbes ' definitive ranking of the 50 richest families in America. We are pleased the Court of Special Appeals affirmed the Circuit Courts dismissal of the second wifes attempt to seize a portion of John Paterakis Sr.s legacy and the familys business. 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. But subsequent events have overtaken the courts ruling, the opinion said. John Paterakis Sr.s involvement in politics wasnt without controversy. 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? Tax breaks for developers economic development or corporate welfare? But those effortsfailed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. 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. John Paterakis Sr.s involvement in politics wasnt without controversy. 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. John Paterakis Sr. died Oct. 16 at age 87. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. The most Paterakis families were found in USA in 1920. 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. Manage Settings (Before he was taken to the hospital last week, he had hoped to attend the propertys groundbreaking ceremony on October 28, surrounding by Mayor Stephanie Rawlings-Blake and other officials.). 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. Also in Winnetka, and in spot No. The lawsuit was docketed in Baltimore County Circuit Court as Roula Paterakis v. William J. Paterakis et al., No. 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. 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. But the Legg Mason Tower is scarcely marginal it boasts some of the highest rents in the city, is fully leased, and is under contract to sell at an extraordinary $480 per square foot, according to the Baltimore Business Journal. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. 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. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his 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. Unfortunately, and for personal reasons that I have not been authorized to share with you, Mrs. Paterakis determined that she should settle this matter as she has done and withdraw her action, her attorney, Arnold M. Weiner, said Wednesday. Get all the top news and sports from the baltimoresun.com. Distributed by Tribune Content Agency, LLC. 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. Paterakis widow ends multimillion-dollar lawsuit against his children, Video Series: Off the Record with Sloane Brown, YOUR CALIFORNIA PRIVACY RIGHTS/PRIVACY POLICY, Marris Hoffee and Jamie Ferguson | Mid-Shore Pro Bono, Sheila McDonald, Marciel Rojas Rosario, Derek L. Simmons, Chick Zoll and Michael Latimer | Board of Child Care. These items are $647,500 in life insurance, an. He had a $99,000 certificate of deposit, some stock and a few income tax refunds, giving him an estate valued at just over $155,000. In 1920 there were 2 Paterakis families living in Ohio. By: Steve Lash So far, the cash threshold triggering such profit-sharing has not happened, in part because H&S Properties Development Corp., the Paterakis real estate vehicle, has wisely kept a large equity stake in the tower, which yearly sucks up much of the 15% guaranteed returns. Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. View FREE Public Profile & Reputation for Charles Paterakis in Baltimore, MD - See Court Records | Photos | Address, Emails & Phone Number | Personal Review | $30 - $39,999 Income & Net Worth . 2017 - 2023 Tobin OConnor Concino P.C. John Paterakis in an undated photograph at a family reception. 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. This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. His children also accused Roula Paterakis of berating and belittling John Paterakis Sr. We also use third-party cookies that help us analyze and understand how you use this website. 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. Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. Subscribers to Maryland Family Law Update can access the digital edition archive. 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. He bought a largely industrial swath of land on the east side of the Inner Harbor, close to the H&S Bakery in Fells Point, and developed it into the glitzy Harbor East neighborhood. But there is usually great motivation to handle any disputes without going to court, he said, both to keep from airing any dirty laundry and to preserve as much wealth as possible from going through an expensive legal battle. 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. "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. You dont do these deals if theres profit to be made. The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. Please read our moderation policy before leaving a comment. Were gratified by that decision and that Mrs. Paterakis will now have her day in court, said Arnold Weiner, an attorney with Rifkin Weiner Livingston LLC representing Roula Paterakis. Daily Record Business Writer She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. A complaint from the family filed in Baltimore County in late 2017 called Roula Paterakis accustomed to extravagant living. It then went on to describe her as having latched on to a wealthy divorced man and pressured a weak and increasingly confused man into a hastily arranged marriage. 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. 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. (1213people.com). He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. By: Adam Bednar Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. Now, some of that's becoming public. But, she said in her suit, Paterakis children raided the cash hoards and cleaned out play money bank accounts when he was ill and hospitalized, denying her a fair share after his death. Additionally, it should be noted, the Paterakis family picked up 10 years worth of EZ (Enterprise Zone) tax credits from the state. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. We also use third-party cookies that help us analyze and understand how you use this website. 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. According to his wife Roula, with whom he was in a relationship since 2001 whom he married about a year before his death, he also kept millions of dollars in cash in safes located on his real estate properties. 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. By clicking Accept, you consent to the use of ALL the cookies. 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. Eventually John Paterakis Sr. invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. From his death in 2016 until now, his widow was involved in a legal dispute with the personal representatives of his estate, namely one of his sons and one of his daughters from his first marriage. The consent submitted will only be used for data processing originating from 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. These cookies will be stored in your browser only with your consent. 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. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: John Paterakis, like many wealthy people, kept many of his assets in trusts. 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. IRI announces 2023 Retirement Security Blueprint, Less than half of US workers are aware of the IRS tax credit for eligible retirement savers, March will bring bear-market risks for US stocks, Morgan Stanley says. This law firm website is managed by MileMark Media. She has filed a claim to one-third of that estate as allowed by statute. 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. Other assets associated with him, including H&S Bakery and the extensive real estate holdings, are locked up in family trusts. On July 19, the Paterakis siblings filed an updated accounting of the estate, adding additional income and subtracting various expenses. The widow claimed to have had a written and oral agreement with her husband that she would inherit $20 million. 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. Paterakis and his second wife had lived together since 2001, and married in 2015. Tagged with: estates and trusts H&S Bakery John Paterakis. 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. Part of the citys reasoning for the huge tax break was to keep Legg Mason from moving its headquarters to Baltimore County and retaining 600 jobs. By submitting your email to receive this newsletter, you agree to our. Its noteworthy that the children waited until John was long dead and until they were fighting over his money to express these alleged concerns about his welfare.. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. 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. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. 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. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. 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. He donated the $6,000 maximum to the 2016 mayoral campaigns of both former Mayor Sheila Dixon and Mayor Catherine Pugh. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. These cookies do not store any personal information. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. But his political largesse landed him in hot water in 2010. The suit originally included Smiths son, the restaurateur Alex Smith, although the opinion said in a footnote that Roula Paterakis voluntarily dismissed claims against him. John Paterakis involvement in politics wasnt without controversy. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. Bill Cole insisted yesterday that the $1.5 million payment by H&S is far above what we believe the city would get in the remaining seven years of the PILOT.. With this distraction put to bed, the Paterakis family will continue to honor John Paterakis true testamentary wishes and his legacy of supporting Baltimore.. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. The Brew has learned that John Paterakis Sr., Baltimores billionaire bakery mogul, real estate developer and political powerbroker, died today at Johns Hopkins Hospital. Ohio had the highest population of Paterakis families in 1920. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. 1. ", 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.". Please read our moderation policy before leaving a comment. 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. [Paterakis pleads guilty, will pay $26,000 in fines]. 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. "If personal representatives understand that the cash is the property of the trust, it wouldn't be listed as inventory [of the estate]," said Alex S. Tanouye, a Bethesda-based trust and estate lawyer. 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. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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