Mr. 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 next day she went online and cavalierly replaced it all at Johns expense.. In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. Necessary cookies are absolutely essential for the website to function properly. An example of data being processed may be a unique identifier stored in a cookie. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. 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. 3/1/23 UPDATE: Following publication of this story, the Board of Estimates deferred action on the price increase. 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. But opting out of some of these cookies may have an effect on your browsing experience. The suit filed by his two children, who in his will he named as personal representatives of his estate, lists their four siblings and subsequent generations as interested persons.. One third of $200,000 is a negligible amount of money compared to the total of the Paterakis family fortune, so in Roulas 2017 lawsuit, she tried to persuade the court to include some non-probate assets in the valuation of the estate. June 28, 2018. "I think it's going to be messy," said Angela Vallario, an associate professor at the University of Baltimore Law School who specializes in trusts and estates. 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. Alongside the coronavirus pandemic, rising inflation and low . Stephen's personal network of family, friends, associates & neighbors include Antonia Paterakis, John Paterakis, Victoria Mclaughlin, Annette Paterakis and Antoinette Paterakis. ____________________________________. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. (Karen Jackson/Baltimore Sun). These items are $647,500 in life insurance, an. This was about 25% of all the recorded Paterakis's in USA. 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.. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. You also have the option to opt-out of these cookies. Has it ever occurred to the BDC to say, We cant solve every problem you have, Mr. You also have the option to opt-out of these cookies. 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. By clicking Accept, you consent to the use of ALL the cookies. 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 family alleged Roula, unhappy with the money left to her in the estate which included the house they lived in; $250,000; an IRA worth more than $500,000; and $647,500 in life insurance tried to force John Paterakis Sr. to leave her $5 million. We also use third-party cookies that help us analyze and understand how you use this website. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. A complaint from the family filed in Baltimore County in late 2017 called Roula Paterakis accustomed to extravagant living. It then went on to describe her as having latched on to a wealthy divorced man and pressured a weak and increasingly confused man into a hastily arranged marriage. Additionally, it should be noted, the Paterakis family picked up 10 years worth of EZ (Enterprise Zone) tax credits from the state. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. They also allege she pressured their father into a marriage that he sought to end barely a year later, and often screamed at him so viciously he once asked his nurses to call 911 in fear for his life. 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. Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. 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. 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. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. (You Tube), There was, however, a proviso in the PILOT agreement that said the city would receive 25% of excess net proceeds after the developer achieves a 15% cumulative return on equity.. "There must be some basis for personal representatives to take the position it's not the property of the estate.". John Paterakis in an undated photograph at a family reception. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. Funeral arrangements have not yet been announced by the family, who could not be reached for comment. Anthony Pompliano Net Worth Phone Number, House Address, Wiki, Ashley Massengill Net Worth | Bio, Family, Address, Career, Atlas Monroe Net Worth | Age, Height, Weight, Dating And More, Beyonce S Net Worth Phone Number, House Address, Wiki, Blue Ivy Net Worth Phone Number, House Address, Wiki. His influence spread far and wide from his humble beginnings as the son of a Greek immigrant who forsook college to help his dad run a small East Baltimore bakery. 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 . We intend to vigorously defend our familys good name and the legacy of our father.. flips of the buildings ownership) during the seven years remaining of the PILOT. 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. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. Adam Bednar covers real estate and development for The Daily Record. This, she said, echoing Cole, was a good deal. But Roula Paterakis said her husband objected to their taking the money. Required fields are marked *. 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. Currently, Stephen is married. So theyre buying the city out cheaply.. Manage Settings It is mandatory to procure user consent prior to running these cookies on your website. Roula Paterakis said in her own suit that her husband had promised her $20 million and committed that to writing. 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. 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. A probate lawyer in Southern Maryland can help you if family members who never accepted you are using probate as a venue in which to antagonize you. Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. 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. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. He donated the $6,000 maximum to the 2016 mayoral campaigns of both former Mayor Sheila Dixon and Mayor Catherine Pugh. 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. His ascension to the ranks of the worlds wealthiest people is directly related to this success. 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. We intend to vigorously defend our familys good name and the legacy of our father.. Nowadays, people have started supporting his work and other things. Subscribers to Maryland Family Law Update can access the digital edition archive. However, his political largesse landed him in trouble in 2010. Subscribers to The Daily Record can access the digital edition archive. 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. "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. According to his wife Roula, with whom he was in a relationship since 2001 whom he married about a year before his death, he also kept millions of dollars in cash in safes located on his real estate properties. 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. We intend to vigorously defend our familys good name and the legacy of our father.. 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. 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. These cookies do not store any personal information. A judge dismissed much of Roula Paterakis 's original. 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. 2017 - 2023 Tobin OConnor Concino P.C. That makes the 650,000 square-foot property worth about $312 million. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. John Paterakis, like many wealthy people, kept many of his assets in trusts. 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. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. By submitting your email to receive this newsletter, you agree to our. 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 and chairman of H&S Bakery, wrote in a signed letter to employees in November 2017. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. 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. Subscribers to The Daily Record can access the digital edition archive. Now, some of that's becoming public. (Fern Shen). Get breaking news, exclusive stories, and money- making insights straight into your inbox. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 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. Nusinov said Thursday his clients were thrilled with the decision. 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. 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. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. Distributed by Tribune Content Agency, LLC. 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. The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. But those effortsfailed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. 290, Josephine Louis and family are heirs to the SC Johnson family fortune and have a net worth of $2.2 billion. an IRA worth more than $500,000 and . She filed a lawsuit in 2017, making public a feud within the family of a patriarch who for all his wealth and influence as a major political donor had lived a largely private life. But opting out of some of these cookies may have an effect on your browsing experience. I cant tell you how grateful I am to be wrong., Tagged with: estate family H&S Bakery harbor east John Paterakis lawsuit. In a court filing, the family called Roula Paterakis accustomed to extravagant living and described her as having latched on to a wealthy divorced man and pressured a weak and increasingly confused man into a hastily arranged marriage. The opinion said the trial court should consider whether the recent Court of Appeals recognition of intentional interference applies to Roula Paterakis claim. 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. 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. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. 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. 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. "You're almost guaranteed litigation," he said. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. Daily Record Legal Affairs Writer 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. Since John Paterakis had surviving children, Roulas elective share would have been one third of his estate. (Fern Shen), Developer Paterakis orchestrates $130,000 in campaign contributions to Sheila Dixon. On July 19, the Paterakis siblings filed an updated accounting of the estate, adding additional income and subtracting various expenses. The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. Are the children willing to give that up to avoid the fight? In 2010, the Greek-American publication The National. Paterakis married Antoinette "Toni" Apostolou, in 1950; they had six children and divorced about 40 years later. A failed attempt to pressure one of the citys most prominent companies accounting of the estate, additional! Nusinov said Thursday his clients were thrilled with the decision people, kept many of his assets in.. And ill health, according to the complaint Paterakis & # x27 s! 1.5 billion you 're almost guaranteed litigation, '' he paterakis family net worth help resolving dispute... Be nothing more than a failed attempt to pressure one of the most respected families Baltimore... 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