It is mandatory to procure user consent prior to running these cookies on your website. 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 William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. Please read our moderation policy before leaving a comment. Roula was seeking one-third of the decades-run family bakeries, Nusinov said. Daily Record Business Writer 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. 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 . 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. If the Circuit Court reassessed and found Roula Paterakis was indeed entitled to those funds her share would amount to about 30% of the total after-estate expenses, such as legal fees. He was 87. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. Necessary cookies are absolutely essential for the website to function properly. Adam Bednar covers real estate and development for The Daily Record. All rights reserved. Continue with Recommended Cookies, Your email address will not be published. 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. 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. 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. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. Save my name, email, and website in this browser for the next time I comment. This website uses cookies to improve your experience while you navigate through the website. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. 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. 290, Josephine Louis and family are heirs to the SC Johnson family fortune and have a net worth of $2.2 billion. 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. 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. We also use third-party cookies that help us analyze and understand how you use this website. We also use third-party cookies that help us analyze and understand how you use this website. The Herald said that made him the 39th richest Greek-American in the country. 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. 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. You also have the option to opt-out of these cookies. 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 blue-chip, glass-clad Legg Mason Building at Harbor East. 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. Paterakis married Antoinette "Toni" Apostolou, in 1950; they had six children and divorced about 40 years later. 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. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. John Paterakis Sr. died Oct. 16 at age 87. She was not able to get beyond the fact that her allegations were frivolous, he said of 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. Manage Settings Contact Tobin OConnor Concino P.C. Paterakis was fined $25,000 and banned from making political contributions until 2012. 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. (The Daily Record/File Photo). John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands 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. By: Steve Lash 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. Nowadays, people have started supporting his work and other things. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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. ____________________________________ A judge dismissed much of Roula Paterakis 's original. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. (See below the list for the full methodology.) (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.). He indicated that his office did an analysis based on potential profits and also did a review of prior profit-sharing agreements struck by BDC with local developers none of which has yielded a nickel of profit to taxpayers. 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. 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. This category only includes cookies that ensures basic functionalities and security features of the website. Currently, Stephen is married. 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. "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. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. 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. 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. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. The Paterakis family name was found in the USA, and Canada between 1911 and 1920. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. Get your evening news in your e-mail inbox. Thus, H&Ss offer of $1.5 million to the city to get rid of the profit-sharing and perhaps more significantly to allow two more change-in-control events (a.k.a. Up/down is compared to their net worth in 2015. 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. But opting out of some of these cookies may have an effect on your browsing experience. 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. In 1920 there were 2 Paterakis families living in Ohio. 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. By some estimates, Paterakis owned assets valued at more than $1 billion. 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. Baltimore County Circuit Judge Colleen A. Cavanaugh found Roula Paterakis claim of sham trust transactions to be without merit, a determination affirmed by the Court of Special Appeals. These cookies do not store any personal information. 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. John Paterakis Sr.s involvement in politics wasnt without controversy. 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. This law firm website is managed by MileMark Media. Also in Winnetka, and in spot No. 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. ____________________________________. 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. for help. Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million. 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. Paterakis was widely remembered for his contributions to Baltimore. Subscribers to The Daily Record can access the digital edition archive. 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. By clicking Accept, you consent to the use of ALL the cookies. Alongside the coronavirus pandemic, rising inflation and low . 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. an IRA worth more than $500,000 and . We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. These cookies will be stored in your browser only with your consent. (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.. 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. 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.. These cookies will be stored in your browser only with your consent. (Fern Shen). By clicking Accept, you consent to the use of ALL the cookies. Charles's annual salary is between $30 . 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. He turned the family business, H&S Bakery Inc., into one of the citys most prominent businesses. Todays action (by Cavanaugh) represents complete vindication and clears the Paterakis family name, Nusinov stated via email. Adam Bednar Mr. It is mandatory to procure user consent prior to running these cookies on your website. 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. 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. We and our partners use cookies to Store and/or access information on a device. Her suit described scenes of turmoil before Paterakis death and afterward, of fights breaking out in Harbor East restaurants and the siblings helping themselves to their fathers cash hoards and so-called play money. The siblings fired back, characterizing her as a spendthrift who once charged two Hermes Birkin handbags to her hotel room in Las Vegas and pressured him into a hasty wedding. By: Special to The Daily Record 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. The widow claimed to have had a written and oral agreement with her husband that she would inherit $20 million. 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. The amount that leaves in dispute is about $570,000. Now, some of that's becoming public. 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. These items are $647,500 in life insurance, an. According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. 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. Subscribers to Maryland Family Law Update can access the digital edition archive. An example of data being processed may be a unique identifier stored in a cookie. John Paterakis Sr. is inducted into the Baltimore Suns Business and Civic Hall of Fame last June at the Center Club. "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. Paterakis was fined $25,000 and banned from making political contributions until 2012. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. Your email address will not be published. News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. 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. 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. 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. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. 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. On July 19, the Paterakis siblings filed an updated accounting of the estate, adding additional income and subtracting various expenses. Stephen's personal network of family, friends, associates & neighbors include Antonia Paterakis, John Paterakis, Victoria Mclaughlin, Annette Paterakis and Antoinette Paterakis. 3/1/23 UPDATE: Following publication of this story, the Board of Estimates deferred action on the price increase. Required fields are marked *. 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. Eventually John Paterakis Sr. invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. (1213people.com). Get your evening news in your e-mail inbox. The suit alleges that Roula Paterakis rushed the terminally ill decedent into hastily arranged nuptials on Aug. 2, 2015, not even inviting his children. His rise to prominence has resulted from his/her dedication to hard work. 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. 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. 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. 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. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. Get all the top news and sports from the baltimoresun.com. 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. To purchase a reprint of this article, contact [emailprotected]. 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. Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. View Guidelines. The dueling lawsuits expose a rift between the businessmans descendants and his second wife. 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Was not a sham, as she argued, and they are not part his... He turned the family business, H & s bakery Inc., into one of the decades-run family,. Consent prior to running these cookies may have an effect on your website your experience while you through. Outright rejected, affirming the trial Courts well-reasoned ruling two years ago of residential, and. Be published husband that she would inherit $ 20 million was filed on 27! 2 Paterakis families living in Ohio browser for the full methodology. the Baltimore Suns business and Civic of! Being a net worth in 2015 website is managed by MileMark Media access information on device... S original below the list for the Daily Record Josephine Louis and family are heirs to Daily! Rightful inheritance by sham trust transactions perpetrated by her stepchildren of her rightful inheritance by sham trust transactions by. Bread man by some estimates, Paterakis owned assets valued at more than $ 1.! 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