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. 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. Judge rules against second wife in John Paterakis Sr. estate dispute, Video Series: Off the Record with Sloane Brown, Cybersecurity experts warn lack of urgency to warnings is greatest threat, Companies update the office to lure employees back from home, Eastern Shore focused on highlighting economic diversity, Washington metro area becoming economic driver for Maryland, Baltimore metro area sees economic swings across sectors, DEVIN BATTLEY and LINDBERGH PARK OWNERS ASSOCIATION v. MONTGOMERY COUNTY, MARYLAND, IN THE MATTER OF THE PETITION OF MICHAEL POOL, Law Digest -- 4th US Circuit -- Feb. 23, 2023, 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. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. She claimed that the trusts into which assets were transferred were shams. Currently, Stephen is married. There were also funeral expenses and probate fees and other administrative costs. Subscribers to The Daily Record can access the digital edition archive. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. "There must be some basis for personal representatives to take the position it's not the property of the estate.". These cookies will be stored in your browser only with your consent. 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. Moores State of the State speech, Podcast: Angie Barnett, Better Business Bureau of Greater Maryland, Off the Record with Sloane Brown: Rene Hutchins, University of Maryland Carey School of Law, DEVIN BATTLEY and LINDBERGH PARK OWNERS ASSOCIATION v. MONTGOMERY COUNTY, MARYLAND, IN THE MATTER OF THE PETITION OF MICHAEL POOL, Law Digest -- 4th US Circuit -- Feb. 23, 2023, Find out what attorneys think of the economics of the business in our Maryland Lawyers Confidence Index, Get assistance for your case with litigation support, See digested appellate court opinions in Law Digest, 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. 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. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. Is your client emotionally ready for retirement? The consent submitted will only be used for data processing originating from this website. 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. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. 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. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. 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. Tagged with: estates and trusts H&S Bakery John Paterakis. 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. His ascension to the ranks of the worlds wealthiest people is directly related to this success. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) (The Daily Record/File Photo). 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. This law firm website is managed by MileMark Media. 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. 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 Maryland Family Law Update can access the digital edition archive. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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. Please read our moderation policy before leaving a comment. 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. 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. 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. The Herald said that made him the 39th richest Greek-American in the country. In 2010, the Greek-American publication The National. But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: Additionally, it should be noted, the Paterakis family picked up 10 years worth of EZ (Enterprise Zone) tax credits from the state. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. Necessary cookies are absolutely essential for the website to function properly. It particularly wants to retain a significant share of the underground parking garage given a 95% PILOT tax abatement by ex-mayor Dixon through year 2034 that also serves the Four Seasons building owned by the Paterakis family. "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. 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. 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. After supporting Dixon during the mayoral primary (which she lost to Pugh), the family switched allegiance and funneled $58,000 to Pugh mostly in $6,000 chunks, the legal limit, and most of it coming on a single day, July 22, 2016. Save my name, email, and website in this browser for the next time I comment. A Baltimore County judge has dismissed the majority of a lawsuit brought by the second wife of John Paterakis Sr. accusing his familyof withholding her rightful share of the baking magnate and developers estate. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. 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. The case isPaterakis vs Paterakis, et al.,03C18001742. ", 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.". Mr. (1213people.com). To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. 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? Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. Get all the top news and sports from the baltimoresun.com. Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. But it found Cavanaugh misjudged when she ruled similarly on claims involving allegations Paterakis children removed cash from safes and deposit boxes in a bid to hide assets. Daily Record Legal Affairs Writer 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. These cookies will be stored in your browser only with your consent. His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit 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. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. We intend to vigorously defend our familys good name and the legacy of our father.. 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. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. 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. 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. 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. We also use third-party cookies that help us analyze and understand how you use this website. 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. She was not able to get beyond the fact that her allegations were frivolous, he said of Roula Paterakis. Net worth: $54.4 billion Source of wealth: Chanel The Wertheimer family fortune dates back to 1920s Paris when Pierre Wertheimer funded designer Coco Chanel, Bloomberg reports. We also use third-party cookies that help us analyze and understand how you use this website. 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. 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 and our partners use cookies to Store and/or access information on a device. 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 Roula Paterakis said her husband objected to their taking the money. 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. The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. 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. 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. 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. Has it ever occurred to the BDC to say, We cant solve every problem you have, Mr. 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. John Paterakis in an undated photograph at a family reception. Paterakis who grew his familys small, rowhouse-based bakery into a behemoth that supplies the likes of McDonalds and transformed a largely industrial tract of land into glitzy Harbor East died the following month. The appeals court also found Cavanaugh erred when she dismissed a claim for declaratory relief without declaring the rights of the parties. The Paterakis family name was found in the USA, and Canada between 1911 and 1920. A Maryland appeals court has ordered a Baltimore County Circuit Court judge to reconsider portions of a lawsuit filed by the second wife of the late H&S Bakery owner John Paterakis Sr., which alleged the children from his first marriage conspired to prevent their stepmother from inheriting millions of dollars. Adam Bednar covers real estate and development for The Daily Record. 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. 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.. John Paterakis, like many wealthy people, kept many of his assets in trusts. Both depict screaming, animosity-fueled fights and both make claims that the other side took advantage of the family patriarch when he was in a weakened state toward the end of his life. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million. But his political largesse landed him in hot water in 2010. Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. 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. View Guidelines. This website uses cookies to improve your experience while you navigate through the website. Mayor Pugh ratified the deal without comment yesterday. Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. Ohio had the highest population of Paterakis families in 1920. Any cash a person keeps around must be reported in an estate inventory, she said. 2017 - 2023 Tobin OConnor Concino P.C. Necessary cookies are absolutely essential for the website to function properly. 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. This category only includes cookies that ensures basic functionalities and security features of the website. 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. 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. His children also accused Roula Paterakis of berating and belittling John Paterakis Sr. 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. Get breaking news, exclusive stories, and money- making insights straight into your inbox. 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. 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. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. 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. O3-C-18001742. 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. But the siblings suit casts doubt on that document, saying it is not signed or witnessed. 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. 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. By clicking Accept, you consent to the use of ALL the cookies. These items are $647,500 in life insurance, an Individual Retirement Account worth about $650,000, $250,000 cash and the house she co-owned with her husband in Lutherville-Timonium, the childrens attorney said. John Paterakis Sr.s involvement in politics wasnt without controversy. "They almost always settle," Tanouye said. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. After his ban was finished, according to Marylands campaign finance database, he resumed making political contributions. He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. 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. Subscribers to The Daily Record can access the digital edition archive. By: Adam Bednar This category only includes cookies that ensures basic functionalities and security features of the website. The blue-chip, glass-clad Legg Mason Building at Harbor East. Stephen's personal network of family, friends, associates & neighbors include Antonia Paterakis, John Paterakis, Victoria Mclaughlin, Annette Paterakis and Antoinette Paterakis. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. Required fields are marked *. The battle over the Paterakis fortune represents the worst-case scenario as far as probate disputes, but even a dispute over a smaller estate can be stressful. "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. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. We intend to vigorously defend our familys good name and the legacy of our father.. 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. Please read our moderation policy before leaving a comment. News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. June 28, 2018. After that year, Paterakis asked the publication to no longer include him in their annual list. 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. After his death, an inventory of his estate conducted by his children valued it at less than $200,000. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. So theyre buying the city out cheaply.. This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. Paterakis married Antoinette "Toni" Apostolou, in 1950; they had six children and divorced about 40 years later. He was 87. John Paterakis Sr.s involvement in politics wasnt without controversy. 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. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. The lawsuit was docketed in Baltimore County Circuit Court as Roula Paterakis v. William J. Paterakis et al., No. And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. Distributed by Tribune Content Agency, LLC. Almost by default, Paterakis became the owner of a patchwork of abandoned factories and little-used rail yards south of Little Italy in the 1980s. In recent months, the family dispute has played out in multiple filings across various courthouses. Here was a power player who had gotten what he wanted from City Hall for decades. 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 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. 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. These cookies do not store any personal information. (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.). (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.). Paterakis, who was also a major donor to many of the states political figures, was 87. 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. 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. Get all the top news and sports from the baltimoresun.com. 1. 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? There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. 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. But subsequent events have overtaken the courts ruling, the opinion said. Get your evening news in your e-mail inbox. "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95 % of the estate..! The family Dispute has played out in multiple filings across various courthouses and our partners use to! 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The widow as a twice-divorced woman who latched onto their wealthy father essential for the website to function properly against! Cookies will be stored in your browser only with your consent paterakis family net worth children and divorced about 40 years.. Savings and loan accounts, the Paterakis family name was found in the USA, and Paterakis! Subscribers to the use of all the top news and sports from the baltimoresun.com Fraction of Late estate! Millions of dollars into sham trusts to keep it out of his estate conducted by his children it! As Harbor East not signed or witnessed various courthouses Circuit court as Roula Paterakis claim, her objected! Without declaring the rights of the buildings property taxes for 15 years was worth $ 116,868.56 in an photograph... Worth $ 116,868.56 will only be used for data processing originating from this website appeals court also found Cavanaugh when. Development, such as Harbor East next time I comment ; bank accounts the... `` Toni '' Apostolou, in 1950 ; They had six children and about!
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