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. 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. Anthony Pompliano Net Worth Phone Number, House Address, Wiki, Ashley Massengill Net Worth | Bio, Family, Address, Career, Atlas Monroe Net Worth | Age, Height, Weight, Dating And More, Beyonce S Net Worth Phone Number, House Address, Wiki, Blue Ivy Net Worth Phone Number, House Address, Wiki. The widow of John Paterakis, the bakery magnate and Harbor East developer, has withdrawn her claim to a greater share of what she said was his $1 billion fortune, leaving the bulk of it in the hands of the children from his first marriage. Paterakis, who was also a major donor to many of the states political figures, was 87. By submitting your email to receive this newsletter, you agree to our. By: Steve Lash 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. Paterakis married Antoinette "Toni" Apostolou, in 1950; they had six children and divorced about 40 years later. We also use third-party cookies that help us analyze and understand how you use this website. 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. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. (One of Mister Johns favorite adages, according to a profile by Rafael Alvarez, was: Always be involved in whatever you can politically, but never run for public office.). And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. 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 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The amount that leaves in dispute is about $570,000. Other assets associated with him, including H&S Bakery and the extensive real estate holdings, are locked up in family trusts. 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. John Paterakis involvement in politics wasnt without controversy. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. ____________________________________. What is ESG investing and why do some hate it so much? He was referred to as the bread man by some politicians, a nod not only to his successful bakery but to his ability to make campaign contributions. 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. By some estimates, Paterakis owned assets valued at more than $1 billion. 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. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. 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. Required fields are marked *. John Paterakis Sr. died Oct. 16 at age 87. This law firm website is managed by MileMark Media. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. 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 Herald said that made. John Paterakis Sr., the risk-taking Baltimore native who built his H&S Bakery into the largest privately owned bakery in the country and redeveloped Harbor East, died Sunday at Johns Hopkins. 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.). During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. That makes the 650,000 square-foot property worth about $312 million. 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. 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 and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. 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. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. 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. 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. 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. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. According to Roula Paterakis' lawsuit, that figure should be much greater. John Paterakis Sr. is inducted into the Baltimore Suns Business and Civic Hall of Fame last June at the Center Club. The consent submitted will only be used for data processing originating from this website. It is not. 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 . The way to reach here was not easy at all. 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 suit alleges that Paterakis' children have withheld assets including millions of dollars in "cash hoards" that their father kept in safes and bank accounts. 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.. If deemed great by the head of the Baltimore Development Corp., the Legg Mason deal must be described as super great for the Los Angeles real estate conglomerate that is under contract to buy a portion of the high-rise building. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: A subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. 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 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. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. 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. Has it ever occurred to the BDC to say, We cant solve every problem you have, Mr. But in an opinion filed Thursday, Marylands Court of Special Appeals revived some of Roula Paterakis claims, including one that her husbands children had wrongly interfered with her expected inheritance specifically, a promise he had made to leave her $20 million. It is mandatory to procure user consent prior to running these cookies on your website. 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. 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. We intend to vigorously defend our familys good name and the legacy of our father.. "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 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. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. 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. It is mandatory to procure user consent prior to running these cookies on your website. 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. 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. In life as in death, John Paterakis' wealth is not publicly known. for help. A deals a deal. John Paterakis, like many wealthy people, kept many of his assets in trusts. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. Daily Record Business Writer Adam Bednar 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. "You're almost guaranteed litigation," he said. To purchase a reprint of this article, contact [emailprotected]. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. Ohio had the highest population of Paterakis families in 1920. 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 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. But the siblings suit casts doubt on that document, saying it is not signed or witnessed. 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 said in her own suit that her husband had promised her $20 million and committed that to writing. 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. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. 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. 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. October 27, 2021, 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. In 1920 there were 2 Paterakis families living in Ohio. They also allege she pressured their father into a marriage that he sought to end barely a year later, and often screamed at him so viciously he once asked his nurses to call 911 in fear for his life. 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. One example of his prowess was how quickly he managed to raise more than $130,000 for ex-mayor Dixon in the Democratic Party primary for mayor. 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. (The Daily Record/File Photo). 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. 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. 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 . Roula seeks to undermine John Paterakis's careful, legitimate estate and business succession planning. 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. A judge dismissed much of Roula Paterakis 's original. ", Cyber Monday: Online shopping hacks to hunt down best deals and save the most, Meredith to buy Time Inc. for upward of $2.8 billion in deal backed by Koch brothers, Consumers shop small on Saturday after Thanksgiving, Visit The Baltimore Sun at www.baltimoresun.com. We and our partners use cookies to Store and/or access information on a device. Get all the top news and sports from the baltimoresun.com. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. 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. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. Email to receive this newsletter, you agree to our on that document, it! 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