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.. Funeral arrangements have not yet been announced by the family, who could not be reached for comment. 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 lawsuitalso accused Roula Paterakis of berating and belittling John Paterakis Sr. Subscribers to Maryland Family Law Update can access the digital edition archive. Necessary cookies are absolutely essential for the website to function properly. 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. 3/1/23 UPDATE: Following publication of this story, the Board of Estimates deferred action on the price increase. 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. Necessary cookies are absolutely essential for the website to function properly. Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. By clicking Accept, you consent to the use of ALL the cookies. By: Steve Lash But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. Mayor Pugh ratified the deal without comment yesterday. 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. 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. He turned the family business, H&S Bakery Inc., into one of the city's most. 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. 2017 - 2023 Tobin OConnor Concino P.C. Necessary cookies are absolutely essential for the website to function properly. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. And if there's a lot of money that's at stake, to mix metaphors, that's almost strike three. Get breaking news, exclusive stories, and money- making insights straight into your inbox. Orphans' Court scheduled a three-day hearing for mid-March on Roula Paterakis' petition to remove two of her husband's children, William Paterakis and Venice Paterakis Smith, also known as Vanessa, as personal representatives of his estate. 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. Roula Paterakis wants the court to see her as a victim, but as our filing today shows, she was no victim, said Jeffrey E. Nusinov, who represents William Paterakis and Venice Smith. But his political largesse landed him in hot water in 2010. The consent submitted will only be used for data processing originating from this website. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. 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. "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. Unfortunately, and for personal reasons that I have not been authorized to share with you, Mrs. Paterakis determined that she should settle this matter as she has done and withdraw her action, her attorney, Arnold M. Weiner, said Wednesday. 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. Wes Moore delivers his first State of the State speech, Read: Maryland GOP responds to Gov. 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. He pleaded guilty to violating state campaign finance law after paying in excess of state contribution limits for a poll for former Baltimore Councilwoman Helen Holton in 2007. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. flips of the buildings ownership) during the seven years remaining of the PILOT. 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. The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. content for publishing on our website. Get your evening news in your e-mail inbox. There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. In life as in death, John Paterakis' wealth is not publicly known. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. But those effortsfailed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. After yesterdays Board of Estimates meeting, in which Mayor Catherine Pugh accepted $1.5 million from the Paterakis family in order to clear the way for the sale of their Legg Mason Tower, Baltimores chief development officer, William H. Cole, said: Its a great deal for the city. June 28, 2018. (1213people.com). "If there is explicit animosity already, that's a larger red flag. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. Stephen's personal network of family, friends, associates & neighbors include Antonia Paterakis, John Paterakis, Victoria Mclaughlin, Annette Paterakis and Antoinette Paterakis. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. Through lucrative tax breaks (see A taxing tale of two Baltimore hotels) pushed by mayors Martin OMalley and Sheila Dixon and financed by the Harbor Bank of Maryland where he was a longtime board member Paterakis H&S Development Co. built Harbor East. 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. 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 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. 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. 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. Roula was seeking one-third of the decades-run family bakeries, Nusinov said. "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. Loving father of Stephen Paterakis and his wife Vickie, William Paterakis and his late wife Deborah, Vanessa Smith and her husband Frederick, John Paterakis, Jr. and his wife Emily, Charles. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. Subscribers to The Daily Record can access the digital edition archive. (Fern Shen). 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. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) 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. 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. The dueling lawsuits expose a rift between the businessmans descendants and his second wife. 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. The Herald said that made. The case isPaterakis vs Paterakis, et al.,03C18001742. The Herald said that made him the 39th richest Greek-American in the country. Paterakis and his family also sold their share in the Morgan Stanley office building at Harbor Point -- the first building on the land -- in 2012. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. (See below the list for the full methodology.) 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. Todays action (by Cavanaugh) represents complete vindication and clears the Paterakis family name, Nusinov stated via email. (UPDATE: A private service will be held on Thursday, October 20.). It is not. 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. You also have the option to opt-out of these cookies. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. To purchase a reprint of this article, contact [emailprotected]. But his political largesse landed him in hot water in 2010. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. 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. 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.. By 2015, the suit said, he was frail and kept alive with drugs flown in from outside the country.. You dont do these deals if theres profit to be made. These cookies do not store any personal information. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. The amount that leaves in dispute is about $570,000. John Paterakis, whose father started the bakery in a rowhouse with business partner Harry Tsakalos in 1943, grew it into a massive operation with about $800 million in annual revenue and 2,500 . "There must be some basis for personal representatives to take the position it's not the property of the estate.". 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. Wednesdays consent judgment dispensed with Roula Paterakis claims: Roula Paterakis and the Paterakis siblings did not respond to requests made through their attorneys for comment. Subscribers to The Daily Record can access the digital edition archive. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. 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. Paterakis died on October 16 at age 87. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. John Paterakis involvement in politics wasnt without controversy. for help. (The Daily Record/File Photo). 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. 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. A subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. ____________________________________ 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? Additionally, it should be noted, the Paterakis family picked up 10 years worth of EZ (Enterprise Zone) tax credits from the state. 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. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. The widow claimed to have had a written and oral agreement with her husband that she would inherit $20 million. Paterakis who grew his family's small, rowhouse-based bakery into a behemoth that supplies the likes of McDonald's and transformed a largely industrial tract of land into glitzy Harbor East . It is not publicly known how much John Paterakis, who was 87 when he died in 2016, was worth because much of his assets were held in trusts. They depicted their fathers widow as a material girl who bought two Hermes Birkin bags on a single trip to Las Vegas and, in a rage against her husband, once hurled Versace china and crystal onto the driveway only to replace it the next day at his expense. Since John Paterakis had surviving children, Roulas elective share would have been one third of his estate. 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. 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. It is mandatory to procure user consent prior to running these cookies on your 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. 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. 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. "The Paterakis family is determined to resist her effort, to establish the truth about what occurred and to vindicate the family's good name." . 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. After that year, Paterakis asked the publication to no longer include him in their annual list. 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 Daily Record/File Photo). 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. 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