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. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. 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. That there would be a squabble over how that is dispersed is "not surprising" given the family dynamics, Tanouye said. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit But Roula Paterakis said her husband objected to their taking the money. Roula was seeking one-third of the decades-run family bakeries, Nusinov said. 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. ____________________________________. O3-C-18001742. We also use third-party cookies that help us analyze and understand how you use this website. He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. 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. Required fields are marked *. 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. Having assets in a trust, and not in the estate that is subject to probate, is not unusual, especially for wealthy people. Any cash a person keeps around must be reported in an estate inventory, she said. Funeral arrangements have not yet been announced by the family, who could not be reached for comment. 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. 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. [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. 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. Bill Cole insisted yesterday that the $1.5 million payment by H&S is far above what we believe the city would get in the remaining seven years of the PILOT.. 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. Subscribers to Maryland Family Law Update can access the digital edition archive. The total estate came to $155,354.. 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. Ohio had the highest population of Paterakis families in 1920. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. 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. 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. 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. 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. "If there is explicit animosity already, that's a larger red flag. Has it ever occurred to the BDC to say, We cant solve every problem you have, Mr. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. 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. 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. Also in Winnetka, and in spot No. 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. 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. 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. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. (Fern Shen). Up/down is compared to their net worth in 2015. All rights reserved. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. In life as in death, John Paterakis' wealth is not publicly known. 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. These cookies will be stored in your browser only with your consent. June 28, 2018. This website uses cookies to improve your experience while you navigate through the website. 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. In 2010, the Greek-American publication The National. Please read our moderation policy before leaving a comment. The way to reach here was not easy at all. Get your evening news in your e-mail inbox. 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. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. "You're almost guaranteed litigation," he said. By clicking Accept, you consent to the use of ALL the cookies. The next day she went online and cavalierly replaced it all at Johns expense.. Mayor Pugh ratified the deal without comment yesterday. 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. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. But opting out of some of these cookies may have an effect on your browsing experience. Eventually John Paterakis Sr. invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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 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. 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. 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. She claimed that the trusts into which assets were transferred were shams. (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.). 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. This law firm website is managed by MileMark Media. He turned the family business, H&S Bakery Inc., into one of the city's most. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. [Paterakis pleads guilty, will pay $26,000 in fines]. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. In recent months, the family dispute has played out in multiple filings across various courthouses. He was 87. Subscribers to Maryland Family Law Update can access the digital edition archive. His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. 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. Continue with Recommended Cookies, Your email address will not be published. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. On Oct. 11, she sought another three-month extension, citing a dispute over the estate. This category only includes cookies that ensures basic functionalities and security features of the website. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. 2017 - 2023 Tobin OConnor Concino P.C. 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. 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. 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 andchairman of H&S Bakery, wrote in a signed letter to employees in November 2017. Distributed by Tribune Content Agency, LLC. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. (Karen Jackson/Baltimore Sun). 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. By: Special to The Daily Record The amount that leaves in dispute is about $570,000. Are the children willing to give that up to avoid the fight? 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. Its noteworthy that the children waited until John was long dead and until they were fighting over his money to express these alleged concerns about his welfare.. In life as in death, John Paterakis' wealth is not publicly known. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. 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. Get your evening news in your e-mail inbox. His ascension to the ranks of the worlds wealthiest people is directly related to this success. 3/1/23 UPDATE: Following publication of this story, the Board of Estimates deferred action on the price increase. 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. From his death in 2016 until now, his widow was involved in a legal dispute with the personal representatives of his estate, namely one of his sons and one of his daughters from his first marriage. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. 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.. Nusinov called the handwritten document suspect at best, characterizing it as illegible and having no legal validity.. Please read our moderation policy before leaving a comment. Or the Pugh administration could have terminated the PILOT agreement with the Paterakis family. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. The blue-chip, glass-clad Legg Mason Building at Harbor East. We express no view as to whether it does or does not, the special appeals court opinion said. Now, some of that's becoming public. For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. "A billionaire could die with much of his income sheltered.". His children also accused Roula Paterakis of berating and belittling John Paterakis Sr. 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. 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. Currently, Stephen is married. 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? 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. 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 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. 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. When questioned yesterday by The Brew, Cole explained the citys reasoning this way: When it [the PILOT] was approved, it was never anticipated that the city would see any real profit-sharing. News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. You also have the option to opt-out of these cookies. Contact Tobin OConnor Concino P.C. We also use third-party cookies that help us analyze and understand how you use this website. A judge dismissed much of Roula Paterakis 's original. 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. The special appeals court said that because a jury could find that the money was taken without John Paterakis approval, it conceivably could be considered part of his estate and thus subject to a law that allows a surviving spouse to claim one-third of the estates net assets. That would free the buildings owners of any future profit-sharing. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. It is mandatory to procure user consent prior to running these cookies on your website. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. 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