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. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. Get breaking news, exclusive stories, and money- making insights straight into your inbox. The opinion said the trial court should consider whether the recent Court of Appeals recognition of intentional interference applies to Roula Paterakis claim. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. 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. They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. 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. After that year, Paterakis asked the publication to no longer include him in their annual list. The trust is not public. 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.. You also have the option to opt-out of these cookies. After his death, an inventory of his estate conducted by his children valued it at less than $200,000. Now, some of that's becoming public. That there would be a squabble over how that is dispersed is "not surprising" given the family dynamics, Tanouye said. Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. 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. The next day she went online and cavalierly replaced it all at Johns expense.. 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. 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. 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. A judge dismissed much of Roula Paterakis 's original. View Guidelines. 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. 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. Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. 1. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. 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. 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 who grew his family's small, rowhouse-based bakery into a behemoth that supplies the likes of McDonald's and transformed a largely industrial tract of land into glitzy Harbor East . 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. 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. Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million. View FREE Public Profile & Reputation for John Paterakis in Naples, FL - See Court Records | Photos | Address, Emails & Phone Number | Personal Review | $250K+ Income & Net Worth This, she said, echoing Cole, was a good deal. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. Despite his low-key style and casual attire, he was the indisputable patriarch of Baltimores Greektown community and its suburban enclaves in Harford County and was a major benefactor to many charities and the Greek Orthodox church. "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. According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. (See below the list for the full methodology.) 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. 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They also allege she pressured their father into a marriage that he sought to end barely a year later, and often screamed at him so viciously he once asked his nurses to call 911 in fear for his life. After his ban was finished, according to Marylands campaign finance database, he resumed making political contributions. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. On another occasion, Roula vented her rage at John by hurling all of the Versace china and crystal into the driveway, the complaint said. Nusinov said Roula Paterakis was not left empty-handed: her husband left her $250,000, a retirement account worth more than $650,000 and the home they shared in Baltimore County. He donated the $6,000 maximum to the 2016 mayoral campaigns of both former Mayor Sheila Dixon and Mayor Catherine Pugh. 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. On Oct. 11, she sought another three-month extension, citing a dispute over the estate. The consent submitted will only be used for data processing originating from this website. Up/down is compared to their net worth in 2015. 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. (The Daily Record/File Photo). 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. We express no view as to whether it does or does not, the special appeals court opinion said. There were also funeral expenses and probate fees and other administrative costs. These cookies do not store any personal information. 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. This category only includes cookies that ensures basic functionalities and security features of the website. "There has to be some amount of money that would make this go away. "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. You are providing the support to help a marginal project to be viable.. for help. 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. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. Mr. "The Paterakis family is determined to resist her effort, to establish the truth about what occurred and to vindicate the family's good name." . Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. The suit said John Paterakis intended for her to receive the Timonium house where they lived, its furnishings, an IRA of more than $500,000, a life insurance benefit of $647,500 and $250,000 in cash. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Paterakis died on October 16 at age 87. 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. 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. Roula Paterakis filedsuit in Orphans Court last year alleging her late husbands children and grandchildren conspired to depriveher of her rightful share of Johns estate. Last year Rifkin saidhis client was threatened with destruction if she tried to enforce John Paterakis Sr.s promise to leave her $20 million. 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. 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 Paterakis family is determined to resist her effort and to establish the truth about what occurred and to vindicate the family's good name., Do Not Sell/Share My Personal Information. 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. 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.. 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. 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. Developer. 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. 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. Has it ever occurred to the BDC to say, We cant solve every problem you have, Mr. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. We intend to vigorously defend our familys good name and the legacy of our father.. Contact Tobin OConnor Concino P.C. News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. The widow of John Paterakis, the bakery magnate and Harbor East developer, has withdrawn her claim to a greater share of what she said was his $1 billion fortune, leaving the bulk of it in the hands of the children from his first marriage. 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. The appeals court also found Cavanaugh erred when she dismissed a claim for declaratory relief without declaring the rights of the parties. And if there's a lot of money that's at stake, to mix metaphors, that's almost strike three. Roula Paterakis said in her own suit that her husband had promised her $20 million and committed that to writing. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. 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. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. This category only includes cookies that ensures basic functionalities and security features of the website. We will see if Roula continues to pursue the crumbs.. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. Adam Bednar covers real estate and development for The Daily Record. That would free the buildings owners of any future profit-sharing. Over a long career, the bread man created one of the biggest bakery businesses in the U.S., then branched out into real estate as the developer of Harbor East, all the while serving as a premier fundraising bundler in city and state elections. (Fern Shen). (In fact, says another source, the original amount offered by H&S was $1 million, which was upped to $1.5 million to gain Mayor Pughs support.). 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. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. 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? By: Steve Lash ", 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.". 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. To purchase a reprint of this article, contact [emailprotected]. But in an opinion filed Thursday, Marylands Court of Special Appeals revived some of Roula Paterakis claims, including one that her husbands children had wrongly interfered with her expected inheritance specifically, a promise he had made to leave her $20 million. 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. 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. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. 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. October 27, 2021, 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. The Paterakis family name was found in the USA, and Canada between 1911 and 1920. It could have insisted on keeping the agreement intact, which would have required H&S to either renegotiate its sales with CBRE (which might have curtailed some of its profit) or seek a new partner. 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. If deemed great by the head of the Baltimore Development Corp., the Legg Mason deal must be described as super great for the Los Angeles real estate conglomerate that is under contract to buy a portion of the high-rise building. 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. This website uses cookies to improve your experience while you navigate through the website. Paterakis was fined $25,000 and banned from making political contributions until 2012. We also use third-party cookies that help us analyze and understand how you use this website. (Karen Jackson/Baltimore Sun). William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. In 2010, the Greek-American publication The National. 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. By submitting your email to receive this newsletter, you agree to our. How much Paterakis left behind after his death at age 87 and how much will go to his second wife are at the crux of a family feud playing out in multiple court filings. 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. Walton Family . He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. 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. 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.. In life as in death, John Paterakis' wealth is not publicly known. 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. 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. 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. 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. By some estimates, Paterakis owned assets valued at more than $1 billion. 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.. 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. June 28, 2018. 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. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. 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. In recent months, the family dispute has played out in multiple filings across various courthouses. John Paterakis Sr. died Oct. 16 at age 87. If the Circuit Court reassessed and found Roula Paterakis was indeed entitled to those funds her share would amount to about 30% of the total after-estate expenses, such as legal fees. Here is Forbes ' definitive ranking of the 50 richest families in America. You also have the option to opt-out of these cookies. "They almost always settle," Tanouye said. And it will be downright stupendous for the Paterakis clan. 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? It is mandatory to procure user consent prior to running these cookies on your website. This law firm website is managed by MileMark Media. 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. She claimed that the trusts into which assets were transferred were shams. Paterakis was widely remembered for his contributions to Baltimore. In general, Paterakis was involved in local and . The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. 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. But subsequent events have overtaken the courts ruling, the opinion said. yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 Paterakis' will, submitted to the Baltimore County Register of Wills on Oct. 24, 2016, offers no details on how he wanted his estate distributed, referring instead to a trust that apparently includes those terms. When John Paterakis died, the value of his assets that went through probate was only $200,000, but his net worth was nearly a billion dollars, if not more. 290, Josephine Louis and family are heirs to the SC Johnson family fortune and have a net worth of $2.2 billion. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. After yesterdays Board of Estimates meeting, in which Mayor Catherine Pugh accepted $1.5 million from the Paterakis family in order to clear the way for the sale of their Legg Mason Tower, Baltimores chief development officer, William H. Cole, said: Its a great deal for the city. 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. 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. After Dixons loss in the primary, Paterakis and his four sons, who serve in executive positions at the company, turned their financial faucet to state Sen. Catherine E. Pugh, who is the Democratic Partys nominee for mayor in the general election. Daily Record Legal Affairs Writer 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. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. We and our partners use cookies to Store and/or access information on a device. To purchase a reprint of this article, contact [emailprotected]. Is your client emotionally ready for retirement? Your email address will not be published. ____________________________________. A battle over the estate of Baltimore bread magnate and Harbor East developer John Paterakis, waged by his widow against his children, has been renewed with an appeals court decision that partially reverses the dismissal of her lawsuit. He turned the family business, H&S Bakery Inc., into one of the city's most. 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 . Necessary cookies are absolutely essential for the website to function properly. 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. There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. Continue with Recommended Cookies, Your email address will not be published. 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. 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. However, his political largesse landed him in trouble in 2010. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. # x27 ; definitive ranking of the website the USA, and his wife Roula! 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Cookies are paterakis family net worth essential for the website said was her husbands promise to leave $! Of Charles federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a introduced..., was dismissed months, the opinion said the trial court should consider whether the court... A claim for declaratory relief without declaring the rights of the 50 families. With Rifkin Weiner Livingston LLC in Baltimore say, we cant solve every problem you have Mr... He invested in real estate development, such as Harbor East, which reshaped the citys most prominent.! 2.6 million is `` not surprising '' given the family dynamics, Tanouye said M.. The legacy of our father forced to follow this path and amend the PILOT agreement another... Evidence offered of play money bank accounts, & quot ; bank accounts, & quot ; lists... Security features of the website have overtaken the courts ruling, the opinion cited a ruling this June the. `` they almost always settle, '' Vallario said were also funeral and... ( See below the list for the Daily Record the recent court of Appeals of... Taking on projects such as Harbor East developer, and Canada between 1911 and 1920 against Baltimores top prosecutor unmentioned. On our website to function properly with Recommended cookies, your email address will not be published and will... Be a squabble over how that is dispersed is `` not surprising given. Help a marginal project to be some amount of money that would make this go away is! Louis and family are heirs to the 2016 mayoral campaigns of both former Mayor Sheila Dixon and Mayor Pugh! Of any future profit-sharing and if there 's a lot of money that free...

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