yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 By: Special to The Daily Record Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. Get breaking news, exclusive stories, and money- making insights straight into your inbox. 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. [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. 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. John Paterakis, like many wealthy people, kept many of his assets in trusts. So theyre buying the city out cheaply.. 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 Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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 William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. 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. The consent submitted will only be used for data processing originating from this website. 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. His ascension to the ranks of the worlds wealthiest people is directly related to this success. 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. Roula Paterakis filedsuit in Orphans Court last year alleging her late husbands children and grandchildren conspired to depriveher of her rightful share of Johns estate. Last year Rifkin saidhis client was threatened with destruction if she tried to enforce John Paterakis Sr.s promise to leave her $20 million. Get all the top news and sports from the baltimoresun.com. That would free the buildings owners of any future profit-sharing. 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. 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. John Paterakis was an iconic Baltimore businessman and political player who turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. (Karen Jackson/Baltimore Sun). 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. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. She has filed a claim to one-third of that estate as allowed by statute. Funeral arrangements have not yet been announced by the family, who could not be reached for comment. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. But, she said in her suit, Paterakis children raided the cash hoards and cleaned out play money bank accounts when he was ill and hospitalized, denying her a fair share after his death. 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. Walton Family . He was referred to as the bread man by some politicians, a nod not only to his successful bakery but to his ability to make campaign contributions. 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 lawsuitalso accused Roula Paterakis of berating and belittling John Paterakis Sr. Loving father of Stephen Paterakis and his wife Vickie, William Paterakis and his late wife Deborah, Vanessa Smith and her husband Frederick, John Paterakis, Jr. and his wife Emily, Charles. He was 87 when he died on Oct. 16, 2016, from complications of a bone marrow disease. I cant tell you how grateful I am to be wrong., Tagged with: estate family H&S Bakery harbor east John Paterakis lawsuit. Paterakis died on October 16 at age 87. 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 . 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. June 28, 2018. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. To purchase a reprint of this article, contact [emailprotected]. The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. 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.. An example of data being processed may be a unique identifier stored in a cookie. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. He turned the family business, H&S Bakery Inc., into one of the city's most. 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 . Necessary cookies are absolutely essential for the website to function properly. 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 amount that leaves in dispute is about $570,000. One example of his prowess was how quickly he managed to raise more than $130,000 for ex-mayor Dixon in the Democratic Party primary for mayor. 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 We express no view as to whether it does or does not, the special appeals court opinion said. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. 1. Distributed by Tribune Content Agency, LLC. 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. Continue with Recommended Cookies, Your email address will not be published. (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.). (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) 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 children also accused Roula Paterakis of berating and belittling John Paterakis Sr. This, she said, echoing Cole, was a good deal. 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. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. In life as in death, John Paterakis' wealth is not publicly known. an IRA worth more than $500,000 and . 2017 - 2023 Tobin OConnor Concino P.C. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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. 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. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. 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. But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. After yesterdays Board of Estimates meeting, in which Mayor Catherine Pugh accepted $1.5 million from the Paterakis family in order to clear the way for the sale of their Legg Mason Tower, Baltimores chief development officer, William H. Cole, said: Its a great deal for the city. 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. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. John Paterakis Sr.s involvement in politics wasnt without controversy. The total estate came to $155,354.. He donated the $6,000 maximum to the 2016 mayoral campaigns of both former Mayor Sheila Dixon and Mayor Catherine Pugh. 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. The Brew has learned that John Paterakis Sr., Baltimores billionaire bakery mogul, real estate developer and political powerbroker, died today at Johns Hopkins Hospital. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. With this distraction put to bed, the Paterakis family will continue to honor John Paterakis true testamentary wishes and his legacy of supporting Baltimore.. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. Baltimore County Circuit Judge Colleen A. Cavanaugh found Roula Paterakis claim of sham trust transactions to be without merit, a determination affirmed by the Court of Special Appeals. (1213people.com). In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. 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. John Paterakis, multimillionaire baker and Baltimore developer, dies, Family feud over estate of bakery magnate, Harbor East developer Paterakis, cash hoards and play money that he kept, They depicted their fathers widow as a material girl, Paterakis pleads guilty, will pay $26,000 in fines, Do Not Sell/Share My Personal Information. 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. 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. Judge rules against second wife in John Paterakis Sr. estate dispute, Video Series: Off the Record with Sloane Brown, Cybersecurity experts warn lack of urgency to warnings is greatest threat, Companies update the office to lure employees back from home, Eastern Shore focused on highlighting economic diversity, Washington metro area becoming economic driver for Maryland, Baltimore metro area sees economic swings across sectors, 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, 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. By some estimates, Paterakis owned assets valued at more than $1 billion. 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