The dueling lawsuits expose a rift between the businessmans descendants and his second wife. 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. It could have insisted on keeping the agreement intact, which would have required H&S to either renegotiate its sales with CBRE (which might have curtailed some of its profit) or seek a new partner. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. It is mandatory to procure user consent prior to running these cookies on your website. 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. 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. Other family members and associates include John Paterakis, Karen Philippou, Annette Paterakis, Antoinette Paterakis and Charles Paterakis. A deals a deal. 2017 - 2023 Tobin OConnor Concino P.C. 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. By: Adam Bednar But the siblings suit casts doubt on that document, saying it is not signed or witnessed. 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. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. 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. CBRE Global Investors is now under contract to buy a large portion of the tower. 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.. 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. "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. Three others are also named in the suit. 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. Paterakis and his second wife had lived together since 2001, and married in 2015. Paterakis died on October 16 at age 87. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. Nusinov called the handwritten document suspect at best, characterizing it as illegible and having no legal validity.. 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. 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. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. Your email address will not be published. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. 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. But opting out of some of these cookies may have an effect on your browsing experience. A judge dismissed much of Roula Paterakis 's original. 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. Subscribers to The Daily Record can access the digital edition archive. Is your client emotionally ready for retirement? 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. How much Paterakis left behind after his death at age 87 and how much will go to his second wife are at the crux of a family feud playing out in multiple court filings. Are the children willing to give that up to avoid the fight? ____________________________________ An obituary in the Baltimore Sun said John Paterakis Sr. grew his parents' bakery business, H&S Bakery, into one of the largest bakers on the East Coast. 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. 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. Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. 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. 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. 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. It is not. The siblings suit says that John Paterakis had some bakery business cash delivered to the house and some or all of these funds may not have been properly reported for tax purposes. But it goes on to allege that Roula Paterakis routinely spent and benefited from this cash and was unjustly enriched by amounts that should have been paid in taxes.. She was not able to get beyond the fact that her allegations were frivolous, he said of Roula Paterakis. A legal claim by the widow of H&S Bakery owner John Paterakis Sr. that his adult children from a prior marriage conspired to prevent her from inheriting $20 million has settled for much less and for no more than the children said their stepmother was entitled to under her agreement with their father. (1213people.com). To purchase a reprint of this article, contact [emailprotected]. 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. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. Walton Family . But opting out of some of these cookies may have an effect on your browsing experience. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) 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 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. 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. 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.. 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. Were gratified by that decision and that Mrs. Paterakis will now have her day in court, said Arnold Weiner, an attorney with Rifkin Weiner Livingston LLC representing Roula Paterakis. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. To purchase a reprint of this article, contact [emailprotected]. Tagged with: estates and trusts H&S Bakery John Paterakis. The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. He was 87. He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. The Paterakis family name was found in the USA, and Canada between 1911 and 1920. 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. Continue with Recommended Cookies, Your email address will not be published. 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 subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. 290, Josephine Louis and family are heirs to the SC Johnson family fortune and have a net worth of $2.2 billion. Adam Bednar While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. The total estate came to $155,354.. That would free the buildings owners of any future profit-sharing. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. 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. 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. He was 87 when he died on Oct. 16, 2016, from complications of a bone marrow disease. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. Nov. 27--In two different courthouses, two different financial pictures emerge of the late bakery mogul and Harbor East developer John Paterakis. He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. And it will be downright stupendous for the Paterakis clan. 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. John Paterakis, whose father started the bakery in a rowhouse with business partner Harry Tsakalos in 1943, grew it into a massive operation with about $800 million in annual revenue and 2,500 . In 1920 there were 2 Paterakis families living in Ohio. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. John Paterakis Sr. died Oct. 16 at age 87. "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.". John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. It is mandatory to procure user consent prior to running these cookies on your website. The Herald said that made. 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. Charles's annual salary is between $30 . 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. "The Paterakis family is determined to resist her effort, to establish the truth about what occurred and to vindicate the family's good name." . This category only includes cookies that ensures basic functionalities and security features of the website. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. Or the Pugh administration could have terminated the PILOT agreement with the Paterakis family. But CBRE wont do the deal with the profit-sharing provision intact. "A billionaire could die with much of his income sheltered.". 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. In general, Paterakis was involved in local and . 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. content for publishing on our website. The complaint is the latest salvo in a family feud over the estate of Paterakis, who transformed his father's small bakery into a multimillion-dollar conglomerate and an underutilized waterfront . 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. (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.). At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. Necessary cookies are absolutely essential for the website to function properly. Here was a power player who had gotten what he wanted from City Hall for decades. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. Here is Forbes ' definitive ranking of the 50 richest families in America. This week, the Baltimore Sun announced that Mrs. Paterakis has withdrawn her lawsuit against her stepchildren and a business associate of her husbands over her inheritance. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. Distributed by Tribune Content Agency, LLC. We also use third-party cookies that help us analyze and understand how you use this website. 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 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. Eventually John Paterakis Sr. invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. This was about 25% of all the recorded Paterakis's in USA. Mayor Pugh ratified the deal without comment yesterday. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. By: Steve Lash 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. 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 . These cookies will be stored in your browser only with your consent. 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. Her lawsuit alleges that the defendants -- the six Paterakis siblings, a son-in-law, a grandson and a business associate -- transferred assets into trusts to keep them out of the estate. The way to reach here was not easy at all. IRI announces 2023 Retirement Security Blueprint, Less than half of US workers are aware of the IRS tax credit for eligible retirement savers, March will bring bear-market risks for US stocks, Morgan Stanley says. The Brew has learned that John Paterakis Sr., Baltimores billionaire bakery mogul, real estate developer and political powerbroker, died today at Johns Hopkins Hospital. 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. 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. You also have the option to opt-out of these cookies. "If there is explicit animosity already, that's a larger red flag. In life as in death, John Paterakis' wealth is not publicly known. 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. 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