By: Special to The Daily Record This category only includes cookies that ensures basic functionalities and security features of the website. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. "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. John Paterakis, like many wealthy people, kept many of his assets in trusts. 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. 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. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. 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. He turned the family business, H&S Bakery Inc., into one of the citys most prominent businesses. All rights reserved. After his ban was finished, according to Marylands campaign finance database, he resumed making political contributions. 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. Funeral arrangements have not yet been announced by the family, who could not be reached for comment. 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. By submitting your email to receive this newsletter, you agree to our. 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. 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. 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. 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. 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. John Paterakis Sr. died Oct. 16 at age 87. It is not. By 2015, the suit said, he was frail and kept alive with drugs flown in from outside the country.. 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. You are providing the support to help a marginal project to be viable.. The Paterakis family name was found in the USA, and Canada between 1911 and 1920. 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. These cookies will be stored in your browser only with your consent. 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. Nowadays, people have started supporting his work and other things. 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. 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. At issue is reconciling what Roula Paterakis' lawsuit says is "cash hoards" that her late husband maintained in an office safe, bank accounts and safe deposit boxes, with what has been filed in Orphans' Court, which makes no mention of such stashes, she said. 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. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. John Paterakis Sr.s involvement in politics wasnt without controversy. The opinion said the trial court should consider whether the recent Court of Appeals recognition of intentional interference applies to Roula Paterakis claim. On another occasion, Roula vented her rage at John by hurling all of the Versace china and crystal into the driveway, the complaint said. He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. 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. It is mandatory to procure user consent prior to running these cookies on your website. 3/1/23 UPDATE: Following publication of this story, the Board of Estimates deferred action on the price increase. Necessary cookies are absolutely essential for the website to function properly. 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. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. In her lawsuit, Roula Paterakis said her husband kept millions of dollars in cash in safes and bank accounts that should be in the estate, and that William Paterakis and Venice Smith had filed false tax returns that didnt account for such assets. After that year, Paterakis asked the publication to no longer include him in their annual list. Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. 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. 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 and chairman of H&S Bakery, wrote in a signed letter to employees in November 2017. 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. [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. Currently, Stephen is married. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. (Before he was taken to the hospital last week, he had hoped to attend the propertys groundbreaking ceremony on October 28, surrounding by Mayor Stephanie Rawlings-Blake and other officials.). These items are $647,500 in life insurance, an Individual Retirement Account worth about $650,000, $250,000 cash and the house she co-owned with her husband in Lutherville-Timonium, the childrens attorney said. According to Roula Paterakis' lawsuit, that figure should be much greater. "The Paterakis family is determined to resist her effort, to establish the truth about what occurred and to vindicate the family's good name." . 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. 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. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. Adam Bednar 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. 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. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. In life as in death, John Paterakis' wealth is not publicly known. (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.). The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. 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. 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. 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. 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. 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. (The Daily Record/File Photo). 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. 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. His ascension to the ranks of the worlds wealthiest people is directly related to this success. The blue-chip, glass-clad Legg Mason Building at Harbor East. 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. This category only includes cookies that ensures basic functionalities and security features of the website. 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. That there would be a squabble over how that is dispersed is "not surprising" given the family dynamics, Tanouye said. You also have the option to opt-out of these cookies. ", 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. Please read our moderation policy before leaving a comment. 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 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 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. (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.. Alongside the coronavirus pandemic, rising inflation and low . Has it ever occurred to the BDC to say, We cant solve every problem you have, Mr. "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.". 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. His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. 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 . 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. Paterakis and his second wife had lived together since 2001, and married in 2015. This strategy changed when H&S decided to put the building on the market. You dont do these deals if theres profit to be made. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. 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. With this distraction put to bed, the Paterakis family will continue to honor John Paterakis true testamentary wishes and his legacy of supporting Baltimore.. His children also accused Roula Paterakis of berating and belittling John Paterakis Sr. 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. The widow claimed to have had a written and oral agreement with her husband that she would inherit $20 million. Get all the top news and sports from the baltimoresun.com. Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. Get all the top news and sports from the baltimoresun.com. But opting out of some of these cookies may have an effect on your browsing experience. Contact Tobin OConnor Concino P.C. Todays action (by Cavanaugh) represents complete vindication and clears the Paterakis family name, Nusinov stated via email. On Oct. 11, she sought another three-month extension, citing a dispute over the estate. You also have the option to opt-out of these cookies. The most Paterakis families were found in USA in 1920. (UPDATE: A private service will be held on Thursday, October 20.). 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 were also funeral expenses and probate fees and other administrative costs. Save my name, email, and website in this browser for the next time I comment. We also use third-party cookies that help us analyze and understand how you use this website. 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. He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. In general, Paterakis was involved in local and . John Paterakis involvement in politics wasnt without controversy. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. 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. 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. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Distributed by Tribune Content Agency, LLC. So theyre buying the city out cheaply.. For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. Now, some of that's becoming public. 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. 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. an IRA worth more than $500,000 and . We also use third-party cookies that help us analyze and understand how you use this website. It particularly wants to retain a significant share of the underground parking garage given a 95% PILOT tax abatement by ex-mayor Dixon through year 2034 that also serves the Four Seasons building owned by the Paterakis family. 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. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) These cookies do not store any personal information. 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. Stephen's personal network of family, friends, associates & neighbors include Antonia Paterakis, John Paterakis, Victoria Mclaughlin, Annette Paterakis and Antoinette Paterakis. This, she said, echoing Cole, was a good deal. The lawsuit also alleged that William J. Paterakis and Venice Paterakis Smith, two of her husbands 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. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: Get breaking news, exclusive stories, and money- making insights straight into your inbox. 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 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. Roula was seeking one-third of the decades-run family bakeries, Nusinov said. By clicking Accept, you consent to the use of ALL the cookies. Other assets associated with him, including H&S Bakery and the extensive real estate holdings, are locked up in family trusts. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. 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. 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. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. 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. 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. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. Paterakis was widely remembered for his contributions to Baltimore. 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. They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. An example of data being processed may be a unique identifier stored in a cookie. The way to reach here was not easy at all. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. 290, Josephine Louis and family are heirs to the SC Johnson family fortune and have a net worth of $2.2 billion. What is ESG investing and why do some hate it so much? Eventually John Paterakis Sr. invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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. 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. Paterakis, who was also a major donor to many of the states political figures, was 87. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. Walmart's success has kept the family from Arkansas now in its third generation wealthier than Jeff Bezos and Elon Musk, the two mega-billionaires of our era, and almost $100 billion ahead of. The case isPaterakis vs Paterakis, et al.,03C18001742. 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. [Paterakis pleads guilty, will pay $26,000 in fines]. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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. 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. 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. John Paterakis in an undated photograph at a family reception. 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. In life as in death, John Paterakis' wealth is not publicly known. But his political largesse landed him in hot water in 2010. To purchase a reprint of this article, contact [emailprotected]. 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