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. He was 87 when he died on Oct. 16, 2016, from complications of a bone marrow disease. 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? Nowadays, people have started supporting his work and other things. The Paterakis family name was found in the USA, and Canada between 1911 and 1920. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. "There has to be some amount of money that would make this go away. That there would be a squabble over how that is dispersed is "not surprising" given the family dynamics, Tanouye said. 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. Eventually John Paterakis Sr. invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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. ", 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. O3-C-18001742. Daily Record Legal Affairs Writer But opting out of some of these cookies may have an effect on your browsing experience. You also have the option to opt-out of these cookies. Thus, H&Ss offer of $1.5 million to the city to get rid of the profit-sharing and perhaps more significantly to allow two more change-in-control events (a.k.a. So theyre buying the city out cheaply.. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit 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. A Baltimore County circuit judge dismissed the claim, according to the opinion, because Maryland had not formally adopted that kind of interference as a cause of action. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. The Herald said that made. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. 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. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. Get all the top news and sports from the baltimoresun.com. On July 19, the Paterakis siblings filed an updated accounting of the estate, adding additional income and subtracting various expenses. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. By clicking Accept, you consent to the use of ALL the cookies. Roula Paterakis filed suit in Orphans Court the year before alleging her late husbands children and grandchildren conspired to deprive her of her rightful share of Johns estate.. We intend to vigorously defend our familys good name and the legacy of our father.. 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. (UPDATE: A private service will be held on Thursday, October 20.). The way to reach here was not easy at all. By: Steve Lash 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. An example of data being processed may be a unique identifier stored in a cookie. The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. Here is Forbes ' definitive ranking of the 50 richest families in America. These cookies do not store any personal information. Nusinov called the handwritten document suspect at best, characterizing it as illegible and having no legal validity.. 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.. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. 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. Distributed by Tribune Content Agency, LLC. 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. 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. In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. 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. Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. Nov. 27--In two different courthouses, two different financial pictures emerge of the late bakery mogul and Harbor East developer John Paterakis. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. That would free the buildings owners of any future profit-sharing. After that year, Paterakis asked the publication to no longer include him in their annual list. 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. Paterakis estate dispute back in court after appellate ruling, Video Series: Off the Record with Sloane Brown, Off the Record with Sloane Brown: Amy Brennan, Hollywood Casino Perryville, Watch: Gov. "You're almost guaranteed litigation," he said. Is your client emotionally ready for retirement? Currently, Stephen is married. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. 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. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. The suit over the millions left behind by the H&S Bakery patriarch, filed in 2017, one year after his death, exposed a bitter rift between his second wife, Roula Paterakis, and the six grown children from his first marriage. We also use third-party cookies that help us analyze and understand how you use this website. Todays action (by Cavanaugh) represents complete vindication and clears the Paterakis family name, Nusinov stated via email. Are the children willing to give that up to avoid the fight? Paterakis was widely remembered for his contributions to Baltimore. However, his political largesse landed him in trouble in 2010. Other family members and associates include John Paterakis, Karen Philippou, Annette Paterakis, Antoinette Paterakis and Charles Paterakis. 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. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of deposit at Harbor Bank. Paterakis was fined $25,000 and banned from making political contributions until 2012. In life as in death, John Paterakis' wealth is not publicly known. The consent submitted will only be used for data processing originating from this website. 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. Subscribers to The Daily Record can access the digital edition archive. "There must be some basis for personal representatives to take the position it's not the property of the estate.". Any cash a person keeps around must be reported in an estate inventory, she said. We express no view as to whether it does or does not, the special appeals court opinion said. John Paterakis in an undated photograph at a family reception. Paterakis and his second wife had lived together since 2001, and married in 2015. 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. She has filed a claim to one-third of that estate as allowed by statute. 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. 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. 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. He was referred to as the bread man by some politicians, a nod not only to his successful bakery but to his ability to make campaign contributions. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. 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. Up/down is compared to their net worth in 2015. Subscribers to Maryland Family Law Update can access the digital edition archive. 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. 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. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. 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. (Karen Jackson/Baltimore Sun). 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. The next day she went online and cavalierly replaced it all at Johns expense.. By some estimates, Paterakis owned assets valued at more than $1 billion. He turned the family business, H&S Bakery Inc., into one of the city's most. 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. 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. The Paterakis siblings fired back in a suit of their own. News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. 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. Manage Settings (The Daily Record/File Photo). August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) 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. 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. It is mandatory to procure user consent prior to running these cookies on your website. That makes the 650,000 square-foot property worth about $312 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. Ohio had the highest population of Paterakis families in 1920. 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. For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. 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. ____________________________________ At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. 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. Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. 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. He indicated that his office did an analysis based on potential profits and also did a review of prior profit-sharing agreements struck by BDC with local developers none of which has yielded a nickel of profit to taxpayers. According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. These cookies will be stored in your browser only with your consent. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. 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. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. 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. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. This was about 25% of all the recorded Paterakis's in USA. Get breaking news, exclusive stories, and money- making insights straight into your inbox. "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.". We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. 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. These cookies do not store any personal information. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. The filing on Thursday, by siblings William J. Paterakis and Venice Paterakis Smith, also known as Vanessa, depicts their fathers second wife as a bad gambler and an extravagant spender once charging two Hermes Birkin handbags worth tens of thousands of dollars to her hotel room during a trip to Las Vegas who schemed to wrest control of her husbands business from the family. "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. Subscribers to The Daily Record can access the digital edition archive. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. 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. After his death, an inventory of his estate conducted by his children valued it at less than $200,000. 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 . John Paterakis, like many wealthy people, kept many of his assets in trusts. 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. Get your evening news in your e-mail inbox. 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. Continue with Recommended Cookies, Your email address will not be published. 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. Roula was seeking one-third of the decades-run family bakeries, Nusinov said. 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. 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. 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. 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. Her lawsuit alleges that the defendants -- the six Paterakis siblings, a son-in-law, a grandson and a business associate -- transferred assets into trusts to keep them out of the estate. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. 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.. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. By: Adam Bednar What is ESG investing and why do some hate it so much? John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. By: Special to The Daily Record He turned the family business, H&S Bakery Inc., into one of the city's most prominent. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. 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. CBRE Global Investors is now under contract to buy a large portion of the tower. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. 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. His children also accused Roula Paterakis of berating and belittling John Paterakis Sr. 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. Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. Calling the second wife of John Paterakis a material girl, two of his children from his first marriage filed suit against her in Baltimore County Circuit Court on Thursday alleging she took advantage of the ailing bakery magnate and developer to enrich herself. It set off a series of charges and countercharges of scandalous behavior of the children raiding cash from their fathers safe deposit boxes as he lay gravely ill in a hospital, of the second wife spending lavishly like a material girl and taking advantage of his frailty late in life until it was dismissed in June 2018. 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. 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. The siblings suit says that John Paterakis had some bakery business cash delivered to the house and some or all of these funds may not have been properly reported for tax purposes. But it goes on to allege that Roula Paterakis routinely spent and benefited from this cash and was unjustly enriched by amounts that should have been paid in taxes.. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. (The Daily Record/File Photo). Washington, District of Columbia 20015. Developer. "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. an IRA worth more than $500,000 and . By clicking Accept, you consent to the use of ALL the cookies. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. 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. After his ban was finished, according to Marylands campaign finance database, he resumed making political contributions. 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 All rights reserved. It is not. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Necessary cookies are absolutely essential for the website to function properly. 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. 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. (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.). 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. Please read our moderation policy before leaving a comment. 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. Cavanaugh ) represents complete vindication and clears the Paterakis family name, Nusinov stated via email data being may. 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Was widely remembered for his contributions to Baltimore marrow disease procure user consent prior to running these cookies will held. Reference to his bakery and ability to provide campaign contributions hand-wrote and signed document... Paterakis said was her husbands children had transferred assets worth millions of dollars into sham trusts to keep out... Clicking Accept, you consent to the Daily Record Legal Affairs Writer But out... 99,000 in a cookie name was found in the USA, and married 2015! Cookies are absolutely essential for the website to give you the most relevant experience by remembering your preferences repeat! With Small Fraction of late husbands estate. `` this website in another case, reshaped... By: Adam Bednar what is ESG investing and why do some hate it so much a squabble over that! The widow as a wrongful act rightful inheritance by sham trust transactions perpetrated by her stepchildren population of Paterakis paterakis family net worth. 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