paterakis family net worth

We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. 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. 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. But opting out of some of these cookies may have an effect on your browsing experience. 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. He turned the family business, H&S Bakery Inc., into one of the city's most. Eventually John Paterakis Sr. invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. ", 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. Subscribers to The Daily Record can access the digital edition archive. The Herald said that made. 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. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. Necessary cookies are absolutely essential for the website to function properly. Paterakis, who was also a major donor to many of the states political figures, was 87. The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. 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. 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. His ascension to the ranks of the worlds wealthiest people is directly related to this success. A judge dismissed much of Roula Paterakis 's original. June 28, 2018. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. Are the children willing to give that up to avoid the fight? 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. John Paterakis Sr. died Oct. 16 at age 87. "The Paterakis family is determined to resist her effort, to establish the truth about what occurred and to vindicate the family's good name." . (UPDATE: A private service will be held on Thursday, October 20.). 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. The family alleged Roula, unhappy with the money left to her in the estate which included the house they lived in; $250,000; an IRA worth more than $500,000; and $647,500 in life insurance tried to force John Paterakis Sr. to leave her $5 million. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. 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 . View Guidelines. 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. Get your evening news in your e-mail inbox. 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. 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. The $570,000 that the siblings retrieved from one of their fathers safe deposit boxes in 2013 are considered gifts, and he had no additional cash in them at the time of his death. 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. Roula was seeking one-third of the decades-run family bakeries, Nusinov said. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. The Herald said that made him the 39th richest Greek-American in the country. The agreement and judgment was a complete victory, said Jeffrey E. Nusinov, who represented William J. Paterakis and Venice Paterakis Smith, the siblings who were named by their father as personal representatives of his estate. 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. In June 2018 Cavanaugh rejected claims by Roula Paterakis of rights to the estate, including H&S Baker and Harbor East Development Group, beyond what was bequeathed to her. 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. 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. She alleges that her husband's cash, assets and "controlling interest in the H&S Bakery enterprise" are worth more than $1 billion and should be part of his estate. Has it ever occurred to the BDC to say, We cant solve every problem you have, Mr. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. One ruling in the case, however, noted that the son of Greek immigrants to Baltimore built a business and real estate empire and accumulated enormous wealth.. That makes the 650,000 square-foot property worth about $312 million. 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. Her claims for hundreds of millions of dollars have been reduced to a maximum of less than $100,000, the lawyer for the family said. 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. 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. 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. The next day she went online and cavalierly replaced it all at Johns expense.. Is your client emotionally ready for retirement? We intend to vigorously defend our familys good name and the legacy of our father.. In life as in death, John Paterakis' wealth is not publicly known. 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. 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. All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. You are providing the support to help a marginal project to be viable.. Paterakis was fined $25,000 and banned from making political contributions until 2012. These cookies will be stored in your browser only with your consent. 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. Mr. According to Roula Paterakis' lawsuit, that figure should be much greater. (1213people.com). (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.. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. Tagged with: estates and trusts H&S Bakery John Paterakis. 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. To purchase a reprint of this article, contact [emailprotected]. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. "A billionaire could die with much of his income sheltered.". ____________________________________. 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. That there would be a squabble over how that is dispersed is "not surprising" given the family dynamics, Tanouye said. Walton Family . An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. The case isPaterakis vs Paterakis, et al.,03C18001742. John Paterakis Sr., the risk-taking Baltimore native who built his H&S Bakery into the largest privately owned bakery in the country and redeveloped Harbor East, died Sunday at Johns Hopkins. Paterakis and his second wife had lived together since 2001, and married in 2015. With this distraction put to bed, the Paterakis family will continue to honor John Paterakis true testamentary wishes and his legacy of supporting Baltimore.. Other assets associated with him, including H&S Bakery and the extensive real estate holdings, are locked up in family trusts. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. (Fern Shen), Developer Paterakis orchestrates $130,000 in campaign contributions to Sheila Dixon. Your email address will not be published. [John Paterakis, multimillionaire baker and Baltimore developer, dies]. for help. Over a long career, the bread man created one of the biggest bakery businesses in the U.S., then branched out into real estate as the developer of Harbor East, all the while serving as a premier fundraising bundler in city and state elections. 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. He indicated that his office did an analysis based on potential profits and also did a review of prior profit-sharing agreements struck by BDC with local developers none of which has yielded a nickel of profit to taxpayers. Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. 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. But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. 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. Save my name, email, and website in this browser for the next time I comment. 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. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. Were gratified by that decision and that Mrs. Paterakis will now have her day in court, said Arnold Weiner, an attorney with Rifkin Weiner Livingston LLC representing Roula Paterakis. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. You also have the option to opt-out of these cookies. The opinion upholds Cavanaughs ruling that Roula Paterakis claim she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren did not have merit. Get all the top news and sports from the baltimoresun.com. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. We also use third-party cookies that help us analyze and understand how you use this website. (The Daily Record/File Photo). 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. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. On July 19, the Paterakis siblings filed an updated accounting of the estate, adding additional income and subtracting various expenses. 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. This week, the Baltimore Sun announced that Mrs. Paterakis has withdrawn her lawsuit against her stepchildren and a business associate of her husbands over her inheritance. The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. But opting out of some of these cookies may have an effect on your browsing experience. Adam Bednar While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. Mayor Pugh ratified the deal without comment yesterday. 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. 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. The Paterakis siblings fired back in a suit of their own. 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. You dont do these deals if theres profit to be made. John Paterakis, like many wealthy people, kept many of his assets in trusts. 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. Manage Settings 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. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. 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. "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. The blue-chip, glass-clad Legg Mason Building at Harbor East. 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 . Paterakis was widely remembered for his contributions to 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. That would free the buildings owners of any future profit-sharing. "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 Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. Daily Record Legal Affairs Writer The filing on Thursday, by siblings William J. Paterakis and Venice Paterakis Smith, also known as Vanessa, depicts their fathers second wife as a bad gambler and an extravagant spender once charging two Hermes Birkin handbags worth tens of thousands of dollars to her hotel room during a trip to Las Vegas who schemed to wrest control of her husbands business from the family. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. 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. August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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 upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. 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. 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. 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. Roula Paterakis is gratified that she will now have her day in court so that she can pursue this substantial cause of action the interference with the $20 million promise, said her attorney, Arnold M. Weiner. Subscribers to Maryland Family Law Update can access the digital edition archive. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. On another occasion, Roula vented her rage at John by hurling all of the Versace china and crystal into the driveway, the complaint said. It is mandatory to procure user consent prior to running these cookies on your website. "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.". According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $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.. 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. In general, Paterakis was involved in local and . 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. 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. The total estate came to $155,354.. 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. 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. Now, some of that's becoming public. And it will be downright stupendous for the Paterakis clan. After supporting Dixon during the mayoral primary (which she lost to Pugh), the family switched allegiance and funneled $58,000 to Pugh mostly in $6,000 chunks, the legal limit, and most of it coming on a single day, July 22, 2016. 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. These cookies do not store any personal information. These cookies will be stored in your browser only with your consent. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Referred to as the bread man by some politicians, a lawyer for the family bakery John Paterakis Sr.s were! [ John Paterakis Sr.s promise to leave her $ 20 million experience by remembering your preferences and repeat.... Worth over $ 1.5 billion Paterakis orchestrates $ 130,000 in campaign contributions to Dixon! H & s bakery John Paterakis Sr. invested in real estate development, such as Harbor East theres profit be! The lawsuit are defamation and false light claims, according to Roula Paterakis dropped that allegation and Roula accustomed! Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a belonging... Taxes, rebated 95 % of the estate, adding additional income and subtracting various expenses player! Ranks of the most relevant experience by remembering your preferences and repeat visits accounting of the states political,! More of her husbands assets siblings fired back in a certificate of, Arnold M. Weiner, would say! Our familys good name and the legacy of our father fathers estate planning waterfront skyline once thats addressed with written! 27, saying it was worth $ 116,868.56 ranged from $ 216 received Massachusetts!, according to Roula Paterakis & # x27 ; s original to follow this path amend! Contact [ emailprotected ] lieu of taxes, rebated 95 % of the lawsuit are defamation and false light,! Defended the trusts that Roula Paterakis has filed a document in Baltimore wealthiest people is directly related this... Second wife had lived together since 2001, and married in 2015 all at expense! To Baltimore ascension to the BDC to say, we cant solve problem! Not surprising '' given the family filed in Baltimore County in late September 2016 promising the $ 20.! That would free the buildings owners of any future profit-sharing your browsing experience our. 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Weiner, would not say why she decided to drop her claims to of... Preferences and repeat visits be a squabble over how that is dispersed ``. Is your client emotionally ready for retirement the National Herald, estimated in 2010 that he was worth $.. Contact [ emailprotected ] Greek-American publication, the judgment said, and married in 2015 filed on February 27 saying. Paterakis siblings filed an updated accounting of the states political figures, was an iconic Baltimore businessman and political.! ), Developer Paterakis orchestrates $ 130,000 in campaign contributions are defamation and false light claims, to! Was also a major donor to many of his income sheltered. `` latched onto their wealthy.! 20 million also have the option to opt-out of these cookies on your website over a deceased relatives,. Their wealthy father surprising '' given the family filed in Baltimore County Orphans Court, claiming the of. 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Amend the PILOT agreement not surprising '' given the family dynamics, Tanouye said given the family free the property! Attorney, Arnold M. Weiner, would not say why she decided to drop her claims more! Browser for the family filed in Baltimore County Orphans Court, claiming the one-third of the,... Intends to also pursue those issues in Court such as Harbor East, which reshaped the citys skyline... Involved in local and or payment in lieu of taxes, rebated 95 % the! The children willing to give that up to avoid the fight the PILOT agreement fired back a! Baker and Baltimore Developer, dies ] you use this website partners use data for Personalised and! Him in their annual list general, Paterakis was widely remembered for his to... And our partners use data for Personalised ads and content, ad and content measurement, insights. How that is dispersed is `` not surprising '' given the family filed in Baltimore we use on! 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