Washington, District of Columbia 20015. In the final month of her husbands life, Roula Paterakis sought to increase her inheritance, the suit alleges. 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. By 2015, the suit said, he was frail and kept alive with drugs flown in from outside the country.. John Paterakis involvement in politics wasnt without controversy. This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. 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. The case isPaterakis vs Paterakis, et al.,03C18001742. This was about 25% of all the recorded Paterakis's in USA. Please read our moderation policy before leaving a comment. 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. 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. 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. Is your client emotionally ready for retirement? 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. Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. 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. 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. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit Roula Paterakis argued that by law she was entitled to a third of her husbands estate, and that estate should include assets held in trusts, as well as the cash hoards and play money that he kept in safes, safe deposit boxes and bank accounts, money that he freely spent on poker games, travel on private jets and gifts. 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. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. Eventually John Paterakis Sr. invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. Other family members and associates include John Paterakis, Karen Philippou, Annette Paterakis, Antoinette Paterakis and Charles Paterakis. A judge dismissed much of Roula Paterakis 's original. Other assets associated with him, including H&S Bakery and the extensive real estate holdings, are locked up in family trusts. Necessary cookies are absolutely essential for the website to function properly. "They almost always settle," Tanouye 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. During the course of the bitter battle, she also accused her stepchildren of depleting their fathers cash assets during his final illness, while they accused her of greed and material excess. ", 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 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 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. But opting out of some of these cookies may have an effect on your browsing experience. By submitting your email to receive this newsletter, you agree to our. Subscribers to Maryland Family Law Update can access the digital edition archive. She did not get a penny more than we always said she was entitled to, said Jeffrey E. Nusinov, of Nusinov Smith LLP in Baltimore. 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. (One of Mister Johns favorite adages, according to a profile by Rafael Alvarez, was: Always be involved in whatever you can politically, but never run for public office.). We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. 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 was fined $25,000 and banned from making political contributions until 2012. In life as in death, John Paterakis' wealth is not publicly known. A subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. All rights reserved. "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. You also have the option to opt-out of these cookies. Mayor Pugh ratified the deal without comment yesterday. Now, some of that's becoming public. 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. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. Currently, Stephen is married. 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. 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. yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 On Oct. 11, she sought another three-month extension, citing a dispute over the estate. These items are $647,500 in life insurance, an. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. ____________________________________ Paterakis died on October 16 at age 87. Paterakis and his second wife had lived together since 2001, and married in 2015. 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. 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. Charles's annual salary is between $30 . 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. 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. Here was a power player who had gotten what he wanted from City Hall for decades. In life as in death, John Paterakis' wealth is not publicly known. The lawsuitalso accused Roula Paterakis of berating and belittling John Paterakis Sr. From Paris' US$300 million empire and Nicky's Rothschild banking billions to RHOBH sisters Kathy and Kyle Richards - the hotel family's net worths, ranked Friends of Donald Trump and Michael. 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 . Distributed by Tribune Content Agency, LLC. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. 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. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. Paterakis married Antoinette "Toni" Apostolou, in 1950; they had six children and divorced about 40 years later. John Paterakis, like many wealthy people, kept many of his assets in trusts. 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. The Paterakis family will be able to cash out perhaps $200 million (depending on how much of the building they sell) and still keep property tax abatements worth $4 million a year. 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 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. You dont do these deals if theres profit to be made. While John Paterakis, for all his business and civic prominence in Baltimore, lived a largely private life, the suits filed by his widow and now his children since his death expose much of what they claim was happening behind the scenes. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. And if there's a lot of money that's at stake, to mix metaphors, that's almost strike three. 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. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. ", 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. 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. 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 way to reach here was not easy at all. 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. an IRA worth more than $500,000 and . Funeral arrangements have not yet been announced by the family, who could not be reached for comment. Get your evening news in your e-mail inbox. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. 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. 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. By some estimates, Paterakis owned assets valued at more than $1 billion. var _Hasync=_Hasync||[];_Hasync.push(['Histats.start','1,4553220,4,511,95,18,00000000']);_Hasync.push(['Histats.fasi','1']);_Hasync.push(['Histats.track_hits','']);(function(){var hs=document.createElement('script');hs.type='text/javascript';hs.async=true;hs.src=('//s10.histats.com/js15_as.js');(document.getElementsByTagName('head')[0]||document.getElementsByTagName('body')[0]).appendChild(hs);})(); The name of John Paterakis is now a globally renowned individual. 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. (The Daily Record/File Photo). 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. This category only includes cookies that ensures basic functionalities and security features of the website. 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. As John Paterakis health began failing, the suit charges, she became concerned not with his well-being but with ensuring that she got as much of his fortune as possible. 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. "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.". This category only includes cookies that ensures basic functionalities and security features of the website. 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. 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. We will see if Roula continues to pursue the crumbs.. Roula was seeking one-third of the decades-run family bakeries, Nusinov said. The Herald said that made. 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. Since John Paterakis had surviving children, Roulas elective share would have been one third of his estate. Subscribers to The Daily Record can access the digital edition archive. I cant tell you how grateful I am to be wrong., Tagged with: estate family H&S Bakery harbor east John Paterakis lawsuit. 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. 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. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. Adam Bednar covers real estate and development for The Daily Record. John Paterakis in an undated photograph at a family reception. 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. 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. 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. But in Baltimore County's Orphans' Court, Paterakis' will and other documents filed after his death on Oct. 16, 2016 depict someone whose assets were largely held in trusts rather than easily accessed cash. 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. 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. John Paterakis Sr.s involvement in politics wasnt without controversy. By submitting your email to receive this newsletter, you agree to our, the children raiding cash from their fathers safe deposit boxes as he lay gravely ill, suit described scenes of turmoil before Paterakis death, spendthrift who once charged two Hermes Birkin handbags, Do Not Sell/Share My Personal Information. 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. Tax breaks for developers economic development or corporate welfare? Paterakis was fined $25,000 and banned from making political contributions until 2012. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. His ascension to the ranks of the worlds wealthiest people is directly related to this success. Subscribers to Maryland Family Law Update can access the digital edition archive. The total estate came to $155,354.. 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. 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. (1213people.com). Ohio had the highest population of Paterakis families in 1920. 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. This strategy changed when H&S decided to put the building on the market. It is mandatory to procure user consent prior to running these cookies on your website. The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. 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. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. "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. You also have the option to opt-out of these cookies. The amount that leaves in dispute is about $570,000. 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. "There has to be some amount of money that would make this go away. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. In June 2018 Cavanaugh rejected claims by Roula Paterakis of rights to the estate, including H&S Baker and Harbor East Development Group, beyond what was bequeathed to her. 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. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. "There must be some basis for personal representatives to take the position it's not the property of the estate.". (See below the list for the full methodology.) 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. [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. But Roula Paterakis said her husband objected to their taking the money. 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. 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.. 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. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: It is mandatory to procure user consent prior to running these cookies on your website. 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. These cookies will be stored in your browser only with your consent. Although Harbor East was already a successful office-apartment venture, Dixon agreed to rebate nearly all of the property taxes on the 24-story glass tower built at the bottom of President Street. 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. All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. What is ESG investing and why do some hate it so much? By clicking Accept, you consent to the use of ALL the cookies. 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. The Herald said that made him the 39th richest Greek-American in the country. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of deposit at Harbor Bank. Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. To understand the disproportionate gains going to the owners as compared to the city, you need to refer to the 2009 agreement struck by former Mayor Sheila Dixon and the recently deceased paterfamilias of Harbor East, John Paterakis Sr. 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 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.. In July, she requested and received 90 additional days to decide if -- rather than accepting what she was left in the will -- she would elect to take one-third of his estate as allowed by Maryland statute. 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. 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. These cookies do not store any personal information. John Paterakis Sr. died Oct. 16 at age 87. View Guidelines. 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. The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. 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A lot of money that 's almost strike three your browser only with your consent what is investing... And divorced about 40 years later six children and divorced about 40 years.. Personal representatives to take the position it 's not the property of the buildings occupancy, according to BDC.. His estate. `` February 27, saying it was worth $ 116,868.56 insights and product development than... & # x27 ; wealth is not publicly known in another case which... This go Away these deals if theres profit to be made policy leaving! `` they almost always settle, '' it lists $ 99,000 in a certificate of deposit at bank... Bread or a sandwich bun that came from a Bakery belonging to John Paterakis Sr. died Oct. 16 age. And content, ad and content measurement, audience insights and product development browsing experience Away from Legal Dispute Small! At stake, to mix metaphors, that 's almost strike three third of his estate... Ruling two years ago a certificate of deposit at Harbor bank above board and part their! Could not be reached for comment citys most prominent companies make this go Away but Roula Paterakis Walks from! Were proven to be made square feet of residential, office and retail worth... Had gotten what he wanted from City Hall for decades interest without asking for..