We also use third-party cookies that help us analyze and understand how you use this website. (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.. But his political largesse landed him in hot water in 2010. The widow of John Paterakis, the bakery magnate and Harbor East developer, has withdrawn her claim to a greater share of what she said was his $1 billion fortune, leaving the bulk of it in the hands of the children from his first marriage. Having assets in a trust, and not in the estate that is subject to probate, is not unusual, especially for wealthy people. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. 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. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. Eventually John Paterakis Sr. invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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. 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. Get all the top news and sports from the baltimoresun.com. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. On Oct. 11, she sought another three-month extension, citing a dispute over the estate. (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.). 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. The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. Roula Paterakis filed suit in Orphans Court the year before alleging her late husbands children and grandchildren conspired to deprive her of her rightful share of Johns estate.. 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. In 2010, the Greek-American publication The National. 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.. Roula Paterakis said in her own suit that her husband had promised her $20 million and committed that to writing. You also have the option to opt-out of these cookies. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. "The Paterakis family is determined to resist her effort, to establish the truth about what occurred and to vindicate the family's good name." . We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The appeals court also found Cavanaugh erred when she dismissed a claim for declaratory relief without declaring the rights of the parties. His influence spread far and wide from his humble beginnings as the son of a Greek immigrant who forsook college to help his dad run a small East Baltimore bakery. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. Get all the top news and sports from the baltimoresun.com. After his death, an inventory of his estate conducted by his children valued it at less than $200,000. 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. 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. 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. According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. 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. "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. 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. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. 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.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. A probate lawyer in Southern Maryland can help you if family members who never accepted you are using probate as a venue in which to antagonize you. "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.". These items are $647,500 in life insurance, an. "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. 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. ____________________________________. This, she said, echoing Cole, was a good deal. 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. 2017 - 2023 Tobin OConnor Concino P.C. 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. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. Get breaking news, exclusive stories, and money- making insights straight into your inbox. Roula was seeking one-third of the decades-run family bakeries, Nusinov said. What is ESG investing and why do some hate it so much? 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.. August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. 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. 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. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. 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. 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. In life as in death, John Paterakis' wealth is not publicly known. (Fern Shen). 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. 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. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. 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. 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.. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. Please read our moderation policy before leaving a comment. 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. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. 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. 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 way to reach here was not easy at all. A deals a deal. Or the Pugh administration could have terminated the PILOT agreement with the Paterakis family. In the following six years until now, the citys PILOT agreement has (depending on your point of view) saved a prominent family $24 million or deprived the city now facing the layoff of hundreds of school teachers because of a looming $130 million budget deficit of the same amount. Paterakis was fined $25,000 and banned from making political contributions until 2012. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. The dueling lawsuits expose a rift between the businessmans descendants and his second wife. 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 . We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Weiner, defending his client from those accusations said at the time: If John Paterakis Sr., had been mistreated by his wife, where were his adult children while that supposedly took place? The blue-chip, glass-clad Legg Mason Building at Harbor East. Daily Record Business Writer To purchase a reprint of this article, contact [emailprotected]. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. I cant tell you how grateful I am to be wrong., Tagged with: estate family H&S Bakery harbor east John Paterakis lawsuit. He turned the family business, H&S Bakery Inc., into one of the city's most. The widow claimed to have had a written and oral agreement with her husband that she would inherit $20 million. But those effortsfailed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. "If there is explicit animosity already, that's a larger red flag. Subscribers to The Daily Record can access the digital edition archive. 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. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. 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. 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. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. 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. 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. 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. 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. Also in play is $570,000 that John Paterakis daughters, Smith and Karen Phillipou, took from his safe deposit boxes while he was hospitalized in December 2013. 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. Nowadays, people have started supporting his work and other things. Adam Bednar covers real estate and development for The Daily Record. (1213people.com). All the accusations of theft and fraud, which were brought in a failed attempt to pressure one of the most respected families in Baltimore, have been completely dismissed, said Nusinov, of Nusinov Smith LLPin Baltimore. Please read our moderation policy before leaving a comment. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. (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.). for help. Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. Alongside the coronavirus pandemic, rising inflation and low . The siblings suit says that John Paterakis had some bakery business cash delivered to the house and some or all of these funds may not have been properly reported for tax purposes. But it goes on to allege that Roula Paterakis routinely spent and benefited from this cash and was unjustly enriched by amounts that should have been paid in taxes.. 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. Funeral arrangements have not yet been announced by the family, who could not be reached for comment. Developer. His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. 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. Adam Bednar Has it ever occurred to the BDC to say, We cant solve every problem you have, Mr. Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. 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.. Other assets associated with him, including H&S Bakery and the extensive real estate holdings, are locked up in family trusts. By clicking Accept, you consent to the use of ALL the cookies. When John Paterakis died, the value of his assets that went through probate was only $200,000, but his net worth was nearly a billion dollars, if not more. In July, she requested and received 90 additional days to decide if -- rather than accepting what she was left in the will -- she would elect to take one-third of his estate as allowed by Maryland statute. 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. John Paterakis, like many wealthy people, kept many of his assets in trusts. Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. Required fields are marked *. 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. (The Daily Record/File Photo). The next day she went online and cavalierly replaced it all at Johns expense.. By submitting your email to receive this newsletter, you agree to our. Paterakis was fined $25,000 and banned from making political contributions until 2012. Her suit described scenes of turmoil before Paterakis death and afterward, of fights breaking out in Harbor East restaurants and the siblings helping themselves to their fathers cash hoards and so-called play money. The siblings fired back, characterizing her as a spendthrift who once charged two Hermes Birkin handbags to her hotel room in Las Vegas and pressured him into a hasty wedding. 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 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. 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. Here was a power player who had gotten what he wanted from City Hall for decades. Here is Forbes ' definitive ranking of the 50 richest families in America. 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. In general, Paterakis was involved in local and . Contact Tobin OConnor Concino P.C. 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. By some estimates, Paterakis owned assets valued at more than $1 billion. On July 19, the Paterakis siblings filed an updated accounting of the estate, adding additional income and subtracting various expenses. The Brew has learned that John Paterakis Sr., Baltimores billionaire bakery mogul, real estate developer and political powerbroker, died today at Johns Hopkins Hospital. "You're almost guaranteed litigation," he said. (1213people.com). By: Steve Lash 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. 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. 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. 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. During the course of the bitter battle, she also accused her stepchildren of depleting their fathers cash assets during his final illness, while they accused her of greed and material excess. A judge dismissed much of Roula Paterakis 's original. But the siblings suit casts doubt on that document, saying it is not signed or witnessed. 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. To purchase a reprint of this article, contact [emailprotected]. Your email address will not be published. She filed a lawsuit in 2017, making public a feud within the family of a patriarch who for all his wealth and influence as a major political donor had lived a largely private life. By 2015, the suit said, he was frail and kept alive with drugs flown in from outside the country.. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. 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