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. His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. Paterakis died on October 16 at age 87. The Paterakis family name was found in the USA, and Canada between 1911 and 1920. 1. Stephen's personal network of family, friends, associates & neighbors include Antonia Paterakis, John Paterakis, Victoria Mclaughlin, Annette Paterakis and Antoinette Paterakis. 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. Please read our moderation policy before leaving a comment. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. While John Paterakis, for all his business and civic prominence in Baltimore, lived a largely private life, the suits filed by his widow and now his children since his death expose much of what they claim was happening behind the scenes. 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. 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. 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. She did not get a penny more than we always said she was entitled to, said Jeffrey E. Nusinov, of Nusinov Smith LLP in Baltimore. 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.. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. She has filed a claim to one-third of that estate as allowed by statute. This category only includes cookies that ensures basic functionalities and security features of the website. 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 total estate came to $155,354.. Here was a power player who had gotten what he wanted from City Hall for decades. [Paterakis pleads guilty, will pay $26,000 in fines]. Tax breaks for developers economic development or corporate welfare? An example of data being processed may be a unique identifier stored in a cookie. 3/1/23 UPDATE: Following publication of this story, the Board of Estimates deferred action on the price increase. 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. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. 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. You also have the option to opt-out of these cookies. 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. 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. This, she said, echoing Cole, was a good deal. The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. 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.. "A billionaire could die with much of his income sheltered.". flips of the buildings ownership) during the seven years remaining of the PILOT. The most Paterakis families were found in USA in 1920. 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. 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. 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. 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. "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.". 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. In life as in death, John Paterakis' wealth is not publicly known. Adam Bednar "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. 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. 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. By submitting your email to receive this newsletter, you agree to our, the children raiding cash from their fathers safe deposit boxes as he lay gravely ill, suit described scenes of turmoil before Paterakis death, spendthrift who once charged two Hermes Birkin handbags, Do Not Sell/Share My Personal Information. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. "You're almost guaranteed litigation," he said. 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. In that action, the widow alleged that her husbands children concealed millions of dollars of what she said is a $1 billion fortune to deny her a rightful share of it. Nusinov called the handwritten document suspect at best, characterizing it as illegible and having no legal validity.. 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. John Paterakis involvement in politics wasnt without controversy. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. 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. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. His company, H&S Bakery, started out as a small family business, but by the time he died, his bakeries were producing two million hamburger buns per day for McDonalds alone, not even including the products it supplied to other retailers. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. Get your evening news in your e-mail inbox. 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. 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. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. Mr. 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. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. 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. Nowadays, people have started supporting his work and other things. 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. 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. August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. 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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 . Paterakis was fined $25,000 and banned from making political contributions until 2012. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: 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. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. (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.. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. FROM THE BREW ARCHIVES: Developer Paterakis orchestrates $130,000 in campaign contributions to Sheila Dixon (3/29/16), Tax breaks for developers economic development or corporate welfare? Subscribers to The Daily Record can access the digital edition archive. 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. 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. Roula Paterakis said in her own suit that her husband had promised her $20 million and committed that to writing. 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. [John Paterakis, multimillionaire baker and Baltimore developer, dies]. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. 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. It is not. Manage Settings Other family members and associates include John Paterakis, Karen Philippou, Annette Paterakis, Antoinette Paterakis and Charles Paterakis. [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. On Oct. 11, she sought another three-month extension, citing a dispute over the estate. Get breaking news, exclusive stories, and money- making insights straight into your inbox. 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. And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. 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H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. Paterakis divorced his first wife in 1995, and married his second wife in 2015, although they had lived together for more than a dozen years at that point. 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. A subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. The appeals court also found Cavanaugh erred when she dismissed a claim for declaratory relief without declaring the rights of the parties. 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. 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. (1213people.com). All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. Subscribers to The Daily Record can access the digital edition archive. The opinion upholds Cavanaughs ruling that Roula Paterakis claim she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren did not have merit. 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. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. 2017 - 2023 Tobin OConnor Concino P.C. It is mandatory to procure user consent prior to running these cookies on your website. 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. 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. Nusinov said Thursday his clients were thrilled with the decision. 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. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. "They almost always settle," Tanouye said. That there would be a squabble over how that is dispersed is "not surprising" given the family dynamics, Tanouye said. Currently, Stephen is married. 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. However, his political largesse landed him in trouble in 2010. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. 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. Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. It is mandatory to procure user consent prior to running these cookies on your website. 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. Todays action (by Cavanaugh) represents complete vindication and clears the Paterakis family name, Nusinov stated via email. 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. Charles's annual salary is between $30 . (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) Weiner is with Rifkin Weiner Livingston LLC in Baltimore. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. From Paris' US$300 million empire and Nicky's Rothschild banking billions to RHOBH sisters Kathy and Kyle Richards - the hotel family's net worths, ranked Friends of Donald Trump and Michael. By: Steve Lash 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. 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. Widows attorney, Arnold M. Weiner, would not say why she decided drop... About any profit-sharing provision with the decision work and other things affirming the trial Courts well-reasoned ruling two ago... Be concerned about any profit-sharing provision with the decision the decision not part of his.... Usa in 1920 latched onto their wealthy father signed a document in late September 2016 promising the 20... 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