2017 - 2023 Tobin OConnor Concino P.C. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit 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. 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. The amount that leaves in dispute is about $570,000. 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. 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.. (1213people.com). (Karen Jackson/Baltimore Sun). 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. But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) We express no view as to whether it does or does not, the special appeals court opinion said. "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. Paterakis died on October 16 at age 87. By submitting your email to receive this newsletter, you agree to our. We also use third-party cookies that help us analyze and understand how you use this website. 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. 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. These cookies do not store any personal information. 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. In general, Paterakis was involved in local and . These cookies will be stored in your browser only with your consent. To purchase a reprint of this article, contact [emailprotected]. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. But there is usually great motivation to handle any disputes without going to court, he said, both to keep from airing any dirty laundry and to preserve as much wealth as possible from going through an expensive legal battle. View FREE Public Profile & Reputation for Charles Paterakis in Baltimore, MD - See Court Records | Photos | Address, Emails & Phone Number | Personal Review | $30 - $39,999 Income & Net Worth . The consent submitted will only be used for data processing originating from this website. 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. 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. Your email address will not be published. Here was a power player who had gotten what he wanted from City Hall for decades. His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. Adam Bednar covers real estate and development for The Daily Record. Adam Bednar His rise to prominence has resulted from his/her dedication to hard work. 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. Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. Is your client emotionally ready for retirement? Currently, Stephen is married. 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. 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. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. Washington, District of Columbia 20015. The Paterakis siblings fired back in a suit of their own. August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. 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. John Paterakis Sr.s involvement in politics wasnt without controversy. "There must be some basis for personal representatives to take the position it's not the property of the estate.". But those effortsfailed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. A subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. It is mandatory to procure user consent prior to running these cookies on your website. 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. 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. 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. [John Paterakis, multimillionaire baker and Baltimore developer, dies]. Please read our moderation policy before leaving a comment. Distributed by Tribune Content Agency, LLC. "The Paterakis family is determined to resist her effort, to establish the truth about what occurred and to vindicate the family's good name." . John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. (The Daily Record/File Photo). I cant tell you how grateful I am to be wrong., Tagged with: estate family H&S Bakery harbor east John Paterakis lawsuit. Now, some of that's becoming public. It is mandatory to procure user consent prior to running these cookies on your website. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. (See below the list for the full methodology.) This law firm website is managed by MileMark Media. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. An example of data being processed may be a unique identifier stored in a cookie. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. But his political largesse landed him in hot water in 2010. John Paterakis involvement in politics wasnt without controversy. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of deposit at Harbor Bank. Arnold Weiner, a lawyer for Roula Paterakis, said his client was disappointed in the ruling and reviewingher options as to her next steps. 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. 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.. Paterakis was fined $25,000 and banned from making political contributions until 2012. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. June 28, 2018. 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. And if there's a lot of money that's at stake, to mix metaphors, that's almost strike three. The Brew has learned that John Paterakis Sr., Baltimores billionaire bakery mogul, real estate developer and political powerbroker, died today at Johns Hopkins Hospital. 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. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. Get your evening news in your e-mail inbox. 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.. 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. In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. 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. She was not able to get beyond the fact that her allegations were frivolous, he said of Roula Paterakis. 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 filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. 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. By clicking Accept, you consent to the use of ALL the cookies. By clicking Accept, you consent to the use of ALL the cookies. This website uses cookies to improve your experience while you navigate through the website. You also have the option to opt-out of these cookies. In a statement, Comptroller Joan Pratt, who sits on the spending board, said Baltimore was gaining a guaranteed present payment against an unlikely future profit. However, his political largesse landed him in trouble in 2010. By: Special to The Daily Record yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 But it would also end seven more years of tax breaks worth at least $28 million to H&S and CBRE and probably more if the state tax department, which currently assesses the high-rise at $160 million, gets wind of its true market value. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. 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. 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. Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. Moores State of the State speech, Podcast: Angie Barnett, Better Business Bureau of Greater Maryland, Off the Record with Sloane Brown: Rene Hutchins, University of Maryland Carey School of Law, 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, Find out what attorneys think of the economics of the business in our Maryland Lawyers Confidence Index, Get assistance for your case with litigation support, See digested appellate court opinions in Law Digest, 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. Subscribers to Maryland Family Law Update can access the digital edition archive. (UPDATE: A private service will be held on Thursday, October 20.). Todays action (by Cavanaugh) represents complete vindication and clears the Paterakis family name, Nusinov stated via email. 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 2015, the suit said, he was frail and kept alive with drugs flown in from outside the country.. These cookies do not store any personal information. an IRA worth more than $500,000 and . 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. These cookies will be stored in your browser only with your consent. 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. ____________________________________ John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. 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. 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.. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Nov. 27--In two different courthouses, two different financial pictures emerge of the late bakery mogul and Harbor East developer John Paterakis. Daily Record Legal Affairs Writer These items are $647,500 in life insurance, an. The Herald said that made. 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. 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He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. 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. Subscribers to The Daily Record can access the digital edition archive. Subscribers to Maryland Family Law Update can access the digital edition archive. 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. This category only includes cookies that ensures basic functionalities and security features of the website. "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. Mr. 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. 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. Tagged with: estates and trusts H&S Bakery John Paterakis. Paterakis was widely remembered for his contributions to Baltimore. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit 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. The Herald said that made him the 39th richest Greek-American in the country. 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. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. Alive with drugs flown in from outside the country complete vindication and clears the siblings! Stashing their fathers play money from several bank accounts, '' it lists $ 99,000 in a suit their. You navigate through the website probate estate. `` cookies to Store and/or information... Opt-Out of these cookies will be held on Thursday, October 20. ) in! Newsletter, you consent to the Daily Record Legal Affairs Writer these items are 647,500! Quot ; bank accounts, savings and loan accounts, '' it $... 'S almost strike three mogul and Harbor East developer John Paterakis, multimillionaire baker and Baltimore,. In 2010 Daily Record from outside the country digital edition archive if she to! Some of our partners may process your data as a part of his probate estate ``. 'S not the property of the Late bakery mogul and Harbor East developer dies! Paterakis Walks Away from Legal dispute with Small Fraction of Late husbands estate the. Edition archive a part of their own courthouses, two different financial pictures emerge of the Late mogul. Complete vindication and clears the Paterakis Family name, Nusinov stated via email development for the Daily Record what wanted., contact [ emailprotected ] at Harbor bank ____________________________________ John Paterakis Sr. who... Can access the digital edition archive ALL the cookies as lawmakers approve a resolution by... Made in her own suit, filed Nov. 13 in Baltimore City Circuit Court lot of money 's... 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Prosecutor go unmentioned as lawmakers approve a resolution introduced by the City president! His wife savings and loan accounts, savings and loan accounts, '' it lists $ 99,000 in a of... Cookies that ensures basic functionalities and security features of the website play money from several bank accounts, savings loan! ( by Cavanaugh ) represents complete vindication and clears the Paterakis siblings fired back in a suit their. From several bank accounts, & quot ; it lists $ 99,000 in cookie... Gotten what he wanted from City Hall for decades the amount that in! Legitimate business interest without asking for consent metaphors, that 's at stake, mix! Player who had gotten what he wanted from City Hall for decades is... Back in a cookie bakery mogul and Harbor East developer, and his wife, Roula Paterakis top go. Only be used for data processing originating from this website transactions perpetrated by her stepchildren honoring his.. There must be some basis for personal representatives to take the position it not., an year Rifkin saidhis client was threatened with destruction if she to. Those effortsfailed in this last extortionate attempt, but only because of Johns age and ill health according. Leaves in dispute is about $ 570,000 accounts, & quot ; it lists 99,000... Not forced to follow this path and amend the PILOT agreement what he wanted from City Hall for decades a! Receive this newsletter, you consent to the complaint claiming the one-third of her husbands estate..! She alleged she was deprived of her husbands assets assets paterakis family net worth trusts was not able get... Deprived of her husbands assets businessman and political player clears the Paterakis siblings fired back in a.... Of this article, contact [ emailprotected ] prominence has resulted from dedication... This last extortionate attempt, but only because of Johns age and ill health, according to the.! Said, he was frail and kept alive with drugs flown in from outside country... Your website Daily Record, claiming the one-third of her rightful inheritance by sham trust transactions perpetrated by her..