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. Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. 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. [John Paterakis, multimillionaire baker and Baltimore developer, dies]. "The Paterakis family is determined to resist her effort, to establish the truth about what occurred and to vindicate the family's good name." . 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. Arnold Weiner, a lawyer for Roula Paterakis, said his client was disappointed in the ruling and reviewingher options as to her next steps. 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 . The Paterakis siblings fired back in a suit of their own. These cookies do not store any personal information. "A billionaire could die with much of his income sheltered.". The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. 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. 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. 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. 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. John Paterakis in an undated photograph at a family reception. He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. 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. In 2010, the Greek-American publication The National. Headquartered in Baltimore, Maryland, we operate as an integrated network of 10 bakeries and 30 distribution centers located strategically across the Eastern seaboard, not including our strategic partners which expands our reach even further. 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. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) 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. 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. Necessary cookies are absolutely essential for the website to function properly. Manage Settings "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.". 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. June 28, 2018. 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.. John Paterakis Sr. is inducted into the Baltimore Suns Business and Civic Hall of Fame last June at the Center Club. 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. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. Tax breaks for developers economic development or corporate welfare? She claimed that the trusts into which assets were transferred were shams. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. However, his political largesse landed him in trouble in 2010. The most Paterakis families were found in USA in 1920. The dueling lawsuits expose a rift between the businessmans descendants and his second wife. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. You also have the option to opt-out of these cookies. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. 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. Roula Paterakis said in her own suit that her husband had promised her $20 million and committed that to writing. 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. On another occasion, Roula vented her rage at John by hurling all of the Versace china and crystal into the driveway, the complaint said. Walmart's success has kept the family from Arkansas now in its third generation wealthier than Jeff Bezos and Elon Musk, the two mega-billionaires of our era, and almost $100 billion ahead of. 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 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. His actual net worth at the time of his death was unclear, but Roula Paterakis claimed she was supposed to inherit one-third of it. 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. 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. View Guidelines. Has it ever occurred to the BDC to say, We cant solve every problem you have, Mr. 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.. Here was a power player who had gotten what he wanted from City Hall for decades. Daily Record Legal Affairs Writer 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. 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. We also use third-party cookies that help us analyze and understand how you use this website. Nusinov said Thursday his clients were thrilled with the decision. Paterakis, who was also a major donor to many of the states political figures, was 87. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. Mayor Pugh ratified the deal without comment yesterday. 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. How much of John Paterakis' wealth is rightfully a part of his estate and thus subject to his widow's claim to one-third of it will be hashed out among lawyers and in court. The widow agreed, as part of the settlement, that John Petrakis had held $570,000 in the safety deposit boxes and that he had given this money as gifts to his children and was not part of his estate. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. 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. His ascension to the ranks of the worlds wealthiest people is directly related to this success. 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. Nov. 27--In two different courthouses, two different financial pictures emerge of the late bakery mogul and Harbor East developer John Paterakis. 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. 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. 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. 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. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. Required fields are marked *. She has filed a claim to one-third of that estate as allowed by statute. They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. 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. 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. Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. 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. The suit alleges that Paterakis' children have withheld assets including millions of dollars in "cash hoards" that their father kept in safes and bank accounts. Also in play is $570,000 that John Paterakis daughters, Smith and Karen Phillipou, took from his safe deposit boxes while he was hospitalized in December 2013. John Paterakis Sr.s involvement in politics wasnt without controversy. "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. 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 In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. An example of data being processed may be a unique identifier stored in a cookie. (1213people.com). 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. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. 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. This website uses cookies to improve your experience while you navigate through the website. 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. 290, Josephine Louis and family are heirs to the SC Johnson family fortune and have a net worth of $2.2 billion. This category only includes cookies that ensures basic functionalities and security features of the website. 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 . Adam Bednar John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. 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 These cookies will be stored in your browser only with your consent. That makes the 650,000 square-foot property worth about $312 million. Subscribers to The Daily Record can access the digital edition archive. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. Distributed by Tribune Content Agency, LLC. Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. 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. This website uses cookies to improve your experience while you navigate through the website. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. Subscribers to The Daily Record can access the digital edition archive. Currently, Stephen is married. Here is Forbes ' definitive ranking of the 50 richest families in America. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. After his ban was finished, according to Marylands campaign finance database, he resumed making political contributions. Your email address will not be published. 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.. By clicking Accept, you consent to the use of ALL the cookies. It is mandatory to procure user consent prior to running these cookies on your website. By 2015, the suit said, he was frail and kept alive with drugs flown in from outside the country.. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. 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. By: Special to The Daily Record 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. Roula Paterakis attorney, Arnold M. Weiner, called the suit a travesty and a desecration of the late businessmans memory for depicting him as a victim in his own marriage. The Brew has written extensively about the generous contributions made by the Paterakis family, first to former Mayor Dixon, then to Pugh, during the last election cycle. After his death, an inventory of his estate conducted by his children valued it at less than $200,000. (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.). 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. By submitting your email to receive this newsletter, you agree to our. The suit alleges that Roula Paterakis rushed the terminally ill decedent into hastily arranged nuptials on Aug. 2, 2015, not even inviting his children. Paterakis married Antoinette "Toni" Apostolou, in 1950; they had six children and divorced about 40 years later. Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million. Please read our moderation policy before leaving a comment. 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. And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. By clicking Accept, you consent to the use of ALL the cookies. 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. Smith said their father had instructed them to do that if he ever became seriously ill because it was intended for them. To purchase a reprint of this article, contact [emailprotected]. At issue is reconciling what Roula Paterakis' lawsuit says is "cash hoards" that her late husband maintained in an office safe, bank accounts and safe deposit boxes, with what has been filed in Orphans' Court, which makes no mention of such stashes, she said. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. And if there's a lot of money that's at stake, to mix metaphors, that's almost strike three. In the final month of her husbands life, Roula Paterakis sought to increase her inheritance, the suit alleges. He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. He pleaded guilty to violating state campaign finance law after paying in excess of state contribution limits for a poll for former Baltimore Councilwoman Helen Holton in 2007. 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 lawsuit was docketed in Baltimore County Circuit Court as Roula Paterakis v. William J. Paterakis et al., No. Charles's annual salary is between $30 . 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. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. Get all the top news and sports from the baltimoresun.com. 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. Now, some of that's becoming public. It is not. CBRE Global Investors is now under contract to buy a large portion of the tower. All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. But opting out of some of these cookies may have an effect on your browsing experience. 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. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. 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.. 3/1/23 UPDATE: Following publication of this story, the Board of Estimates deferred action on the price increase. The appeals court also found Cavanaugh erred when she dismissed a claim for declaratory relief without declaring the rights of the parties. 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. 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. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. 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. 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. 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. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. This was about 25% of all the recorded Paterakis's in USA. 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. 2017 - 2023 Tobin OConnor Concino P.C. 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. Paterakis took his fathers bakery, located in their East Baltimore rowhouse, and built it into a what its website touts as Americas largest family-owned variety baker, with one of its plants making two million buns a day for McDonalds. 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. Loving father of Stephen Paterakis and his wife Vickie, William Paterakis and his late wife Deborah, Vanessa Smith and her husband Frederick, John Paterakis, Jr. and his wife Emily, Charles. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. 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 consent submitted will only be used for data processing originating from this website. Up/down is compared to their net worth in 2015. 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. 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. You also have the option to opt-out of these cookies. ", Those negotiations apparently failed because a month later, Roula Paterakis filed notice to "renounce all provisions of my spouse's will pertaining to myself and elect to take my statutory share of the estate.". Roula was seeking one-third of the decades-run family bakeries, Nusinov said. yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 The Herald said that made. Also in Winnetka, and in spot No. 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. 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. This category only includes cookies that ensures basic functionalities and security features of the website. Subscribers to Maryland Family Law Update can access the digital edition archive. Walton Family . Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit Claimed that the trusts into which assets were transferred were shams as above board and part of fathers! ; definitive ranking of the tower experience by remembering your preferences and repeat visits of... Through the website is between $ 30 feud over estate of bakery magnate and East... And content measurement, audience insights and product development family law Update can access digital! In 2015 the 50 richest families in America top prosecutor go unmentioned as lawmakers approve a introduced! Expose a rift between the businessmans descendants and his wife, Roula Paterakis claimed were shams as above board part!, murky motives as petition drive targets Brandon Scott over BGE deal that writing. 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