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, chairman of H&S Bakery, wrote in a signed letter to employees soon after his stepmothers complaint was filed. Despite his low-key style and casual attire, he was the indisputable patriarch of Baltimores Greektown community and its suburban enclaves in Harford County and was a major benefactor to many charities and the Greek Orthodox church. (UPDATE: A private service will be held on Thursday, October 20.). By some estimates, Paterakis owned assets valued at more than $1 billion. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. Roula was seeking one-third of the decades-run family bakeries, Nusinov said. His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. 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. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. By clicking Accept, you consent to the use of ALL the cookies. We are going to honor his (Paterakis) wishes., Roula Paterakis filed suit in November 2017 in Baltimore County Circuit Court, alleging her late husbands children conspired to deprive her of her rightful share of Johns estate.. But CBRE wont do the deal with the profit-sharing provision intact. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. View Guidelines. 290, Josephine Louis and family are heirs to the SC Johnson family fortune and have a net worth of $2.2 billion. 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. 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. But his political largesse landed him in hot water in 2010. 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.. The suit originally included Smiths son, the restaurateur Alex Smith, although the opinion said in a footnote that Roula Paterakis voluntarily dismissed claims against him. Get your evening news in your e-mail inbox. These items are $647,500 in life insurance, an. 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. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. Tagged with: estates and trusts H&S Bakery John Paterakis. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. The suit alleges that Roula Paterakis rushed the terminally ill decedent into hastily arranged nuptials on Aug. 2, 2015, not even inviting his children. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. 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. ANALYSIS: The owners of a trophy high-rise devise a plan to flip the property and keep its 95% tax abatement, Above: The blue-chip, glass-clad Legg Mason Building at Harbor East. The Herald said that made him the 39th richest Greek-American in the country. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. 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. 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 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. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. 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. Up/down is compared to their net worth in 2015. You dont do these deals if theres profit to be made. The suit over the millions left behind by the H&S Bakery patriarch, filed in 2017, one year after his death, exposed a bitter rift between his second wife, Roula Paterakis, and the six grown children from his first marriage. Contact Tobin OConnor Concino P.C. Continue with Recommended Cookies, Your email address will not be published. The Paterakis family name was found in the USA, and Canada between 1911 and 1920. Eventually John Paterakis Sr. invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. 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. 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. This website uses cookies to improve your experience while you navigate through the website. That makes the 650,000 square-foot property worth about $312 million. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. Get all the top news and sports from the baltimoresun.com. A battle over the estate of Baltimore bread magnate and Harbor East developer John Paterakis, waged by his widow against his children, has been renewed with an appeals court decision that partially reverses the dismissal of her lawsuit. 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. ____________________________________. You are providing the support to help a marginal project to be viable.. But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. In the final month of her husbands life, Roula Paterakis sought to increase her inheritance, the suit alleges. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. A deals a deal. 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. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. His rise to prominence has resulted from his/her dedication to hard work. 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. 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. Are the children willing to give that up to avoid the fight? The Met Life stock was sold for a more than $2,700 profit, for example, and there were six state income tax refunds from 2012 to 2015,that totaled almost $36,000. 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. 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. ____________________________________ All rights reserved. But those effortsfailed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. The suit filed by his two children, who in his will he named as personal representatives of his estate, lists their four siblings and subsequent generations as interested persons.. 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. This website uses cookies to improve your experience while you navigate through the website. 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. It is not. "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. These cookies will be stored in your browser only with your consent. John Paterakis Sr.s involvement in politics wasnt without controversy. But, she said in her suit, Paterakis children raided the cash hoards and cleaned out play money bank accounts when he was ill and hospitalized, denying her a fair share after his death. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. CBRE Global Investors is now under contract to buy a large portion of the tower. 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. He donated the $6,000 maximum to the 2016 mayoral campaigns of both former Mayor Sheila Dixon and Mayor Catherine Pugh. Unfortunately and for personal reasons that I am not authorized to share, Mrs. Paterakis determined that she should settle the matter as she has and withdraw her action, he said. 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. In general, Paterakis was involved in local and . Walton Family . A consent judgment filed Wednesday in Baltimore County Circuit Court ended a messy, four-year legal battle between Roula Paterakis, the widow of the man who turned H&S Bakery from a family business into a conglomerate, and his six grown children, other family members and a business associate. Washington, District of Columbia 20015. 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. These cookies will be stored in your browser only with your consent. By clicking Accept, you consent to the use of ALL the cookies. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. Mayor Pugh ratified the deal without comment yesterday. (Fern Shen). 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. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. 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. 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. 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. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. John Paterakis Sr.s involvement in politics wasnt without controversy. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. 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. By: Special to The Daily Record View FREE Public Profile & Reputation for John Paterakis in Naples, FL - See Court Records | Photos | Address, Emails & Phone Number | Personal Review | $250K+ Income & Net Worth "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.". Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit ", Those negotiations apparently failed because a month later, Roula Paterakis filed notice to "renounce all provisions of my spouse's will pertaining to myself and elect to take my statutory share of the estate.". According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. 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. Roula Paterakis argued that by law she was entitled to a third of her husbands estate, and that estate should include assets held in trusts, as well as the cash hoards and play money that he kept in safes, safe deposit boxes and bank accounts, money that he freely spent on poker games, travel on private jets and gifts. 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 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. 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. 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. Subscribers to The Daily Record can access the digital edition archive. 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. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. 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 way to reach here was not easy at all. 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 overall profits are growing every day, and he's also gaining a lot of attention from the public. The trust is not public. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. 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. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. 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. Save my name, email, and website in this browser for the next time I comment. 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. John Paterakis in an undated photograph at a family reception. 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. Daily Record Business Writer You also have the option to opt-out of these cookies. 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. Or the Pugh administration could have terminated the PILOT agreement with the Paterakis family. 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. The suit said John Paterakis intended for her to receive the Timonium house where they lived, its furnishings, an IRA of more than $500,000, a life insurance benefit of $647,500 and $250,000 in cash. 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. The appeals court also found Cavanaugh erred when she dismissed a claim for declaratory relief without declaring the rights of the parties. 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. But opting out of some of these cookies may have an effect on your browsing experience. Manage Settings "The Paterakis family is determined to resist her effort, to establish the truth about what occurred and to vindicate the family's good name." . Paterakis died on October 16 at age 87. It is mandatory to procure user consent prior to running these cookies on your website. He turned the family business, H&S Bakery Inc., into one of the city's most. 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. "If there is explicit animosity already, that's a larger red flag. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. We also use third-party cookies that help us analyze and understand how you use this website. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. 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. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. Nusinov called the handwritten document suspect at best, characterizing it as illegible and having no legal validity.. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. Crumbs being relative, of course, with the Court of Special Appeals sending the issue of the alleged $20 million promise back to the lower court for review. 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. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. 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.. This category only includes cookies that ensures basic functionalities and security features of the website. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. 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. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. 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