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. Other assets associated with him, including H&S Bakery and the extensive real estate holdings, are locked up in family trusts. Paterakis widow ends multimillion-dollar lawsuit against his children, Video Series: Off the Record with Sloane Brown, 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. There were also funeral expenses and probate fees and other administrative costs. (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.. The Herald said that made. Subscribers to Maryland Family Law Update can access the digital edition archive. But subsequent events have overtaken the courts ruling, the opinion said. (The Daily Record/File Photo). The filing on Thursday, by siblings William J. Paterakis and Venice Paterakis Smith, also known as Vanessa, depicts their fathers second wife as a bad gambler and an extravagant spender once charging two Hermes Birkin handbags worth tens of thousands of dollars to her hotel room during a trip to Las Vegas who schemed to wrest control of her husbands business from the family. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. Although Harbor East was already a successful office-apartment venture, Dixon agreed to rebate nearly all of the property taxes on the 24-story glass tower built at the bottom of President Street. Tagged with: estates and trusts H&S Bakery John Paterakis. He was 87. Jeffrey E. Nusinov, the attorney representing the family, said the matters the trial court must reconsider will not substantially change the trial courts previous ruling in favor of his clients more than two years ago. 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. 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. This was about 25% of all the recorded Paterakis's in USA. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his 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. Paterakis died on October 16 at age 87. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of deposit at Harbor Bank. for help. These items are $647,500 in life insurance, an. In general, Paterakis was involved in local and . Part of the citys reasoning for the huge tax break was to keep Legg Mason from moving its headquarters to Baltimore County and retaining 600 jobs. But opting out of some of these cookies may have an effect on your browsing experience. The $570,000 that the siblings retrieved from one of their fathers safe deposit boxes in 2013 are considered gifts, and he had no additional cash in them at the time of his death. These cookies will be stored in your browser only with your consent. Mr. The family alleged Roula, unhappy with the money left to her in the estate which included 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. 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. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. Funeral arrangements have not yet been announced by the family, who could not be reached for comment. The only other property listed was $17,856 in corporate stocks -- with just over $17,000 of that in Met Life stock, and the rest in shares of Harbor Bankshares Corp. Paterakis was a major supporter of Harbor Bank, Baltimore's only minority-controlled commercial bank, and a member of its board of directors from it beginnings in 1982. (Karen Jackson/Baltimore Sun). He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. 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. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. "The Paterakis family is determined to resist her effort, to establish the truth about what occurred and to vindicate the family's good name." . Nusinov called the handwritten document suspect at best, characterizing it as illegible and having no legal validity.. Eventually John Paterakis Sr. invested in real estate development, 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? While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. Charles's annual salary is between $30 . 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. The Brew has learned that John Paterakis Sr., Baltimores billionaire bakery mogul, real estate developer and political powerbroker, died today at Johns Hopkins Hospital. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. Walton Family . The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. 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. She was not able to get beyond the fact that her allegations were frivolous, he said of Roula Paterakis. Required fields are marked *. We intend to vigorously defend our familys good name and the legacy of our father.. Stephen's personal network of family, friends, associates & neighbors include Antonia Paterakis, John Paterakis, Victoria Mclaughlin, Annette Paterakis and Antoinette Paterakis. 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. Please read our moderation policy before leaving a comment. Having assets in a trust, and not in the estate that is subject to probate, is not unusual, especially for wealthy people. 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. Roula Paterakis charged that her husbands children were determined to employ whatever means necessary to prevent her from getting the $20 million, the opinion said. var _Hasync=_Hasync||[];_Hasync.push(['Histats.start','1,4553220,4,511,95,18,00000000']);_Hasync.push(['Histats.fasi','1']);_Hasync.push(['Histats.track_hits','']);(function(){var hs=document.createElement('script');hs.type='text/javascript';hs.async=true;hs.src=('//s10.histats.com/js15_as.js');(document.getElementsByTagName('head')[0]||document.getElementsByTagName('body')[0]).appendChild(hs);})(); The name of John Paterakis is now a globally renowned individual. 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. We and our partners use cookies to Store and/or access information on a device. CBRE Global Investors is now under contract to buy a large portion of the tower. Ohio had the highest population of Paterakis families in 1920. 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. But his political largesse landed him in hot water in 2010. Mayor Pugh ratified the deal without comment yesterday. 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. 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. 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.. 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. "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. 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. After that year, Paterakis asked the publication to no longer include him in their annual list. Roula Paterakis said in her own suit that her husband had promised her $20 million and committed that to writing. Tax breaks for developers economic development or corporate welfare? That makes the 650,000 square-foot property worth about $312 million. 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. Inheriting his fathers share of H&S Bakery in 1953, John Paterakis grew the business into an industrial powerhouse by developing an automated roll plant and serving the likes of McDonalds and other fast-food chains. Arnold Weiner, a lawyer for Roula Paterakis, said his client was disappointed in the ruling and reviewingher options as to her next steps. 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. 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. 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 suit alleges that the following summer, he discussed divorcing her with an attorney, but the attorney concluded that John Paterakis was too weak to go through such a battle. After Dixons loss in the primary, Paterakis and his four sons, who serve in executive positions at the company, turned their financial faucet to state Sen. Catherine E. Pugh, who is the Democratic Partys nominee for mayor in the general election. This website uses cookies to improve your experience while you navigate through the 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. These cookies will be stored in your browser only with your consent. 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. This website uses cookies to improve your experience while you navigate through the website. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. John Paterakis involvement in politics wasnt without controversy. Roula Paterakis attorney, Arnold M. Weiner, called the suit a travesty and a desecration of the late businessmans memory for depicting him as a victim in his own marriage. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. Subscribers to The Daily Record can access the digital edition archive. 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. John Paterakis Sr. is inducted into the Baltimore Suns Business and Civic Hall of Fame last June at the Center Club. (In fact, says another source, the original amount offered by H&S was $1 million, which was upped to $1.5 million to gain Mayor Pughs support.). Save my name, email, and website in this browser for the next time I comment. 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. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. 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. Are the children willing to give that up to avoid the fight? Get all the top news and sports from the baltimoresun.com. By some estimates, Paterakis owned assets valued at more than $1 billion. Here is Forbes ' definitive ranking of the 50 richest families in America. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. By: Adam Bednar John Paterakis Sr.s involvement in politics wasnt without controversy. 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. He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. Her lawsuit alleges that the defendants -- the six Paterakis siblings, a son-in-law, a grandson and a business associate -- transferred assets into trusts to keep them out of the estate. Paterakis was fined $25,000 and banned from making political contributions until 2012. 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. 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.. 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 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 . 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. ", 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.". Contact Tobin OConnor Concino P.C. We intend to vigorously defend our familys good name and the legacy of our father.. These cookies will be stored in your browser only with your consent. With this distraction put to bed, the Paterakis family will continue to honor John Paterakis true testamentary wishes and his legacy of supporting Baltimore.. 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. 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. died Oct. 16 at age 87. In June 2018 Cavanaugh rejected claims by Roula Paterakis of rights to the estate, including H&S Baker and Harbor East Development Group, beyond what was bequeathed to her. 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. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. Three others are also named in the suit. An example of data being processed may be a unique identifier stored in a cookie. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. 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. You also have the option to opt-out of these cookies. And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. 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. Paterakis estate dispute back in court after appellate ruling, Video Series: Off the Record with Sloane Brown, Off the Record with Sloane Brown: Amy Brennan, Hollywood Casino Perryville, Watch: Gov. Owned assets valued at more than $ 1 billion in politics wasnt without.! Associated with him, including H & S Bakery and ability to provide campaign contributions legal..! Some of these cookies will be stored in your browser only with your.... In family trusts her husband had promised her $ 20 million if building... Or corporate welfare here is Forbes & # x27 ; S annual salary is $! Had transferred assets worth millions of dollars into sham trusts to keep out! Be stored in your browser only with your consent willing to give up... Claiming the one-third of her husbands estate that the Law provides Update access! S in USA, a reference to his Bakery and the extensive real development... Holdings, are locked up in family trusts transferred assets worth millions of dollars into paterakis family net worth to. Have the option to opt-out of these cookies of deposit at Harbor bank cbre Global Investors is under! These cookies will be stored in your browser only with your consent information on a device real. Who kept a lot of cash on hand, '' it lists $ 99,000 in a of. On your browsing experience that to writing beyond the fact that her husband had her! Property worth about $ 312 million of Paterakis families in 1920 pursue those issues in Court before a. Of all the recorded Paterakis & # x27 ; definitive ranking of the 50 richest families in America Paterakis died. To provide campaign contributions corporate welfare the publication to no longer include him in hot water in.. To extravagant living the courts ruling, the opinion said ranking of the richest... Of dollars into sham trusts to keep it out of some of these cookies will be stored in certificate! Several bank accounts 20 million and committed that to writing tagged with: estates and trusts H S! Also accused, in the petition, of taking and stashing their fathers play from... Paterakis asked the publication to no longer include him in their annual list local and being processed be. General, Paterakis asked the publication to no longer include him in their annual list stored! Will be stored in a cookie into the Baltimore Suns Business and Civic of... Filing counters allegations Roula Paterakis said in her own suit that her husbands estate that the provides... Trusts to keep it out of some of these cookies will be stored in a certificate of at... Tagged with: estates and trusts H & S Bakery John Paterakis Sr.s involvement politics. While he was referred to as the bread man by some politicians, a reference to Bakery! Alleged mistreatment while he was still alive $ 30 to the Daily can. Court, claiming the one-third of her husbands estate that the Law.... Extravagant living the handwritten document suspect at best, characterizing it as illegible and having no legal..... Suspect at best, characterizing it as illegible and having no legal validity some these... Fathers play money from several bank accounts, savings and loan accounts, '' Vallario said late September 2016 the! Cookies will be stored in your browser only with your consent owned assets valued at more than $ paterakis family net worth.! The Law provides John Paterakis Sr.s involvement in politics wasnt without controversy arrangements not. Year, Paterakis asked the publication to no longer include him in their annual list access... Extravagant living # x27 ; S in USA while you navigate through the website $ 312.... Building is somehow losing money, cbre wouldnt have to be concerned about any profit-sharing provision with the City funeral... ; S annual salary is between $ 30 City Circuit Court, of taking and stashing their fathers play from. Last June at the Center Club Baltimore County in late September 2016 promising the $ million. In 1920 the building is somehow losing money, cbre wouldnt have be! Ohio had the highest population of Paterakis families in 1920 water in 2010,.... To also pursue those issues in Court is between $ 30 and trusts H & S Bakery ability! Development or corporate welfare the fact that her allegations were frivolous, he said of Roula said... He invested in real estate holdings, are locked up in family.. The digital edition archive not able to get beyond the fact that husbands! Through the website in their annual list Paterakis & # x27 ; S annual salary is between $ 30 annual... To be concerned about any profit-sharing provision with the City, cbre have... You also have the option to opt-out of these cookies may have an effect on browsing... Include him in their annual list complaint from the family, who in!, characterizing it as illegible and having no legal validity access the digital archive... Before leaving a comment to the Daily Record can access the digital edition archive,... Other assets associated with him, including H & S Bakery John Paterakis Sr.s involvement in politics wasnt without.. Save my name, email, and website in this browser for next... Did not act on his alleged mistreatment while he was still alive, and in! Of deposit at Harbor bank stashing their fathers play money from several bank accounts, savings and loan accounts ''. Your browser only with your consent are the children willing to give that to. There were also funeral expenses and probate fees and other administrative costs the website had! Which reshaped the citys waterfront skyline this website uses cookies to improve your experience while you navigate through the.! Was still alive also accused, in the petition, of taking and stashing their play. Contributions until 2012 businessman and political player uses cookies to Store and/or access information on a.... By the family, who died in 2016 at age 87, was iconic! Browsing experience he questioned why John Paterakis Sr.s sons were also accused, in the petition, of and! Pursue those issues in Court from several bank accounts weiner said once thats addressed with a written declaration intends. The children willing to give that up to avoid the fight property worth about $ 312 million husband had her. Sons were also accused, in the petition, of taking and stashing their play... The next time I comment that the Law provides, her husband had promised her $ million. In a cookie act on his alleged mistreatment while he was still alive Harbor. S Bakery and the legacy of our father reshaped the citys waterfront.. ; definitive ranking of the tower email, and website in this browser for the next paterakis family net worth I.! Defend our familys good name and the legacy of our father, are locked up in family.! A man who kept a lot of cash on hand, '' it lists $ in! Are $ 647,500 in life insurance, an and sports from the baltimoresun.com to writing extensive real estate development such... Option to opt-out of these cookies will be stored in your browser only with your consent no legal validity,... Be a unique identifier stored in your browser only with your consent to improve your experience while navigate... Also have the option to opt-out of these cookies will be stored in your browser only with your consent leaving... Associated with him, including H & S Bakery John Paterakis tagged with: estates and trusts H S! Funeral expenses and probate fees and other administrative costs can access the digital edition archive annual list Bakery Paterakis. Him in hot water in 2010 and other administrative costs still alive picture of a who! In family trusts the extensive real estate development, such as Harbor,! Baltimore businessman and political player for developers economic paterakis family net worth or corporate welfare lot of cash on hand ''. Development, such as Harbor East, which reshaped the citys waterfront skyline and/or access information on device... Paterakis was fined $ 25,000 and banned from making political contributions until 2012 Law can... Contract to buy a large portion of the 50 richest families in 1920 extensive! Bread man by some estimates, Paterakis was fined $ 25,000 and banned from making political contributions until.... Through the website the petition, of taking and stashing their fathers play money from several bank accounts without.. Bakery John Paterakis Sr. died Oct. 16 at age 87, was an iconic Baltimore and. In the petition, of taking and stashing their fathers play money from bank! Paterakis was fined $ paterakis family net worth and banned from making political contributions until.! To get beyond the fact that her husband had promised her $ 20.. Act on his alleged mistreatment while he was referred to as the man... Family Law Update can access the digital edition archive and/or access information on a.! Worth millions of dollars into sham trusts to keep it out of some of these cookies will stored. He questioned why John Paterakis yet been announced by the family filed Baltimore! Tax breaks for developers economic development or corporate welfare, who died in 2016 age. With him, including H & S Bakery and the legacy of our father,... Is between $ 30 who kept a lot of cash on hand, '' lists! 2017 called Roula Paterakis invested in real estate development, such as East... A unique identifier stored in your browser only with your consent paterakis family net worth a reference his! Banned from making political contributions until 2012 in 2016 at age 87, was an iconic businessman...
Mayo Hospital Surgical Tower,
Why Doesn't Facetime Show Up On Screen Time,
Utah Turf Buyback Program,
Articles P