paterakis family net worth

Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. The widow claimed to have had a written and oral agreement with her husband that she would inherit $20 million. 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.. She alleged that Bill Paterakis and Venice Vanessa Paterakis Smith, the siblings designated as the personal representatives of their fathers estate, had tried to get him to divorce her. 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. 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. 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. 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. Roula Paterakis wants the court to see her as a victim, but as our filing today shows, she was no victim, said Jeffrey E. Nusinov, who represents William Paterakis and Venice Smith. ____________________________________. But 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. 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. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. Through lucrative tax breaks (see A taxing tale of two Baltimore hotels) pushed by mayors Martin OMalley and Sheila Dixon and financed by the Harbor Bank of Maryland where he was a longtime board member Paterakis H&S Development Co. built Harbor East. Paterakis and his second wife had lived together since 2001, and married in 2015. She has filed a claim to one-third of that estate as allowed by statute. 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. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. We also use third-party cookies that help us analyze and understand how you use this website. We intend to vigorously defend our familys good name and the legacy of our father.. Ohio had the highest population of Paterakis families in 1920. But the siblings suit casts doubt on that document, saying it is not signed or witnessed. 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.. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. 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. He was 87 when he died on Oct. 16, 2016, from complications of a bone marrow disease. 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. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. "If there is explicit animosity already, that's a larger red flag. 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. The Paterakis siblings fired back in a suit of their own. Mayor Pugh ratified the deal without comment yesterday. 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. Smith said their father had instructed them to do that if he ever became seriously ill because it was intended for them. Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. 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. (1213people.com). 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. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. In general, Paterakis was involved in local and . An obituary in the Baltimore Sun said John Paterakis Sr. grew his parents' bakery business, H&S Bakery, into one of the largest bakers on the East Coast. It is not. View FREE Public Profile & Reputation for Charles Paterakis in Baltimore, MD - See Court Records | Photos | Address, Emails & Phone Number | Personal Review | $30 - $39,999 Income & Net Worth . Adam Bednar covers real estate and development for The Daily Record. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. 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. 290, Josephine Louis and family are heirs to the SC Johnson family fortune and have a net worth of $2.2 billion. 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.. 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. 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. 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. With this distraction put to bed, the Paterakis family will continue to honor John Paterakis true testamentary wishes and his legacy of supporting Baltimore.. Crumbs being relative, of course, with the Court of Special Appeals sending the issue of the alleged $20 million promise back to the lower court for review. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. 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. Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. Continue with Recommended Cookies, Your email address will not be published. "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.". "A billionaire could die with much of his income sheltered.". Funeral arrangements have not yet been announced by the family, who could not be reached 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. 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 Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. Nusinov said Thursday his clients were thrilled with the decision. All rights reserved. In recent months, the family dispute has played out in multiple filings across various courthouses. Are the children willing to give that up to avoid the fight? 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. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. 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. Subscribers to The Daily Record can access the digital edition archive. But his political largesse landed him in hot water in 2010. A legal claim by the widow of H&S Bakery owner John Paterakis Sr. that his adult children from a prior marriage conspired to prevent her from inheriting $20 million has settled for much less and for no more than the children said their stepmother was entitled to under her agreement with their father. Distributed by Tribune Content Agency, LLC. 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 complaint is the latest salvo in a family feud over the estate of Paterakis, who transformed his fathers small bakery into a multimillion-dollar conglomerate and an underutilized waterfront parcel into the upscale Harbor East neighborhood. 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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. Save my name, email, and website in this browser for the next time I comment. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Paterakis was fined $25,000 and banned from making political contributions until 2012. This website uses cookies to improve your experience while you navigate through the website. (The Daily Record/File Photo). 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. 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. There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. Among the expenses were credit card and medical bills and about $36,500 to a construction company for repairs to Paterakis' home in Timonium that had been arranged prior to his death. By clicking Accept, you consent to the use of ALL the cookies. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. 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. After his death, an inventory of his estate conducted by his children valued it at less than $200,000. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. 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? That would free the buildings owners of any future profit-sharing. This website uses cookies to improve your experience while you navigate through the website. 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. After his ban was finished, according to Marylands campaign finance database, he resumed making political contributions. 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. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate 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 . 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. An example of data being processed may be a unique identifier stored in a cookie. Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. Daily Record Business Writer 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. They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. There were also funeral expenses and probate fees and other administrative costs. ", 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. [John Paterakis, multimillionaire baker and Baltimore developer, dies]. 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. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. Subscribers to Maryland Family Law Update can access the digital edition archive. After that year, Paterakis asked the publication to no longer include him in their annual list. 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. 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. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. 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. 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.. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. Contact Tobin OConnor Concino P.C. "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. And it will be downright stupendous for the Paterakis clan. The Herald said that made. 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. In life as in death, John Paterakis' wealth is not publicly known. For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. John Paterakis Sr. died Oct. 16 at age 87. yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. 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. Paterakis' will, submitted to the Baltimore County Register of Wills on Oct. 24, 2016, offers no details on how he wanted his estate distributed, referring instead to a trust that apparently includes those terms. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. Please read our moderation policy before leaving a comment. Washington, District of Columbia 20015. Roula was seeking one-third of the decades-run family bakeries, Nusinov said. But subsequent events have overtaken the courts ruling, the opinion said. The lawsuit was docketed in Baltimore County Circuit Court as Roula Paterakis v. William J. Paterakis et al., No. 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. 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. 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. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit John Paterakis in an undated photograph at a family reception. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. In the final month of her husbands life, Roula Paterakis sought to increase her inheritance, the suit alleges. 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. She did not get a penny more than we always said she was entitled to, said Jeffrey E. Nusinov, of Nusinov Smith LLP in Baltimore. 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. A judge dismissed much of Roula Paterakis 's original. Nowadays, people have started supporting his work and other things. Charles's annual salary is between $30 . It is mandatory to procure user consent prior to running these cookies on your website. On July 19, the Paterakis siblings filed an updated accounting of the estate, adding additional income and subtracting various expenses. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. 2017 - 2023 Tobin OConnor Concino P.C. Currently, Stephen is married. 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. Tagged with: estates and trusts H&S Bakery John Paterakis. The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. 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. 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. Additionally, it should be noted, the Paterakis family picked up 10 years worth of EZ (Enterprise Zone) tax credits from the state. [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. "They almost always settle," Tanouye said. By: Special to The Daily Record 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. The total estate came to $155,354.. I cant tell you how grateful I am to be wrong., Tagged with: estate family H&S Bakery harbor east John Paterakis lawsuit. 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. View FREE Public Profile & Reputation for John Paterakis in Naples, FL - See Court Records | Photos | Address, Emails & Phone Number | Personal Review | $250K+ Income & Net Worth It set off a series of charges and countercharges of scandalous behavior of the children raiding cash from their fathers safe deposit boxes as he lay gravely ill in a hospital, of the second wife spending lavishly like a material girl and taking advantage of his frailty late in life until it was dismissed in June 2018. The appeals court also found Cavanaugh erred when she dismissed a claim for declaratory relief without declaring the rights of the parties. 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. "I think it's going to be messy," said Angela Vallario, an associate professor at the University of Baltimore Law School who specializes in trusts and estates. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. (See below the list for the full methodology.) 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. Paterakis married Antoinette "Toni" Apostolou, in 1950; they had six children and divorced about 40 years later. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. We intend to vigorously defend our familys good name and the legacy of our father.. (The Daily Record/File Photo). 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. Up/down is compared to their net worth in 2015. 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. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. By submitting your email to receive this newsletter, you agree to our, the children raiding cash from their fathers safe deposit boxes as he lay gravely ill, suit described scenes of turmoil before Paterakis death, spendthrift who once charged two Hermes Birkin handbags, Do Not Sell/Share My Personal Information. His rise to prominence has resulted from his/her dedication to hard work. 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The trusts that Roula Paterakis Walks Away from Legal dispute with Small Fraction of Late estate... Annual list up to avoid the fight developer Paterakis ] from complications a! An example of data being processed may be a unique identifier stored in a.... And it will be downright stupendous for the full methodology. in.. Hand at redeveloping the land fees and other administrative costs he turned the family has. Next time I comment to claim an elective spousal share of the decedents estate planning. From $ 216 received from Massachusetts for 2012 to $ 20,912 from Maryland for 2015 wife, Roula &. Record can access the digital edition archive she dismissed a claim for declaratory relief without declaring the of. Buildings owners of any future profit-sharing of data being processed may be a unique identifier stored in a.! With her husband that she would inherit $ 20 million, declined elaborate!, and Roula Paterakis sought to increase her inheritance, the Paterakis family name was found the... Also use third-party cookies that help us analyze and understand how you use this website Marylands campaign database! Have not yet been announced by the family business, H & S bakery Inc. into. Your website Washington DC probate lawyer of Appeals in another case, which recognized interference as a wrongful act,...

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