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. 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. 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 subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. flips of the buildings ownership) during the seven years remaining of the PILOT. John Paterakis Sr. died Oct. 16 at age 87. Save my name, email, and website in this browser for the next time I comment. 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. By submitting your email to receive this newsletter, you agree to our. A complaint the familys attorneys filed in Baltimore County late last year portrayed Roula Paterakis as beingaccustomed to extravagant living who latched on to a wealthy divorced man and pressured a weak and increasingly confused man into marrying her in a hastily arranged ceremony. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. 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. 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. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit 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. 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. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. 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.. Inheriting his fathers share of H&S Bakery in 1953, John Paterakis grew the business into an industrial powerhouse by developing an automated roll plant and serving the likes of McDonalds and other fast-food chains. We intend to vigorously defend our familys good name and the legacy of our father.. Subscribers to The Daily Record can access the digital edition archive. 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. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. To purchase a reprint of this article, contact [emailprotected]. They depicted their fathers widow as a material girl who bought two Hermes Birkin bags on a single trip to Las Vegas and, in a rage against her husband, once hurled Versace china and crystal onto the driveway only to replace it the next day at his expense. And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. The Herald said that made. 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. Here is Forbes ' definitive ranking of the 50 richest families in America. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. We also use third-party cookies that help us analyze and understand how you use this website. 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. [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. Developer. We also use third-party cookies that help us analyze and understand how you use this website. And if there's a lot of money that's at stake, to mix metaphors, that's almost strike three. And it will be downright stupendous for the Paterakis clan. 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. The total estate came to $155,354.. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Necessary cookies are absolutely essential for the website to function properly. 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. 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.. A battle over the estate of Baltimore bread magnate and Harbor East developer John Paterakis, waged by his widow against his children, has been renewed with an appeals court decision that partially reverses the dismissal of her lawsuit. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. 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.. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. What is ESG investing and why do some hate it so much? 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. "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.". 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 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. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) Tagged with: estates and trusts H&S Bakery John Paterakis. 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 claimed that the trusts into which assets were transferred were shams. This, she said, echoing Cole, was a good deal. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. 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. That there would be a squabble over how that is dispersed is "not surprising" given the family dynamics, Tanouye said. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. 2017 - 2023 Tobin OConnor Concino P.C. These cookies will be stored in your browser only with your consent. The next day she went online and cavalierly replaced it all at Johns expense.. "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. This website uses cookies to improve your experience while you navigate through the website. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. Both sides accused the other of manipulating and taking advantage of the fading Paterakis in the final years before his death from complications of a bone marrow disease. yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 Net worth: $24.5 billion Source of wealth: Hearst Corporation About 67 family members share the fortune that William Randolph Hearst created when he took over the San Francisco Examiner in the . Has it ever occurred to the BDC to say, We cant solve every problem you have, Mr. 1. 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. 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. 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 Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. Having assets in a trust, and not in the estate that is subject to probate, is not unusual, especially for wealthy people. August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. In a court filing, the family called Roula Paterakis accustomed to extravagant living and described her as having latched on to a wealthy divorced man and pressured a weak and increasingly confused man into a hastily arranged marriage. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. Other family members and associates include John Paterakis, Karen Philippou, Annette Paterakis, Antoinette Paterakis and Charles Paterakis. 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. 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.. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. 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 and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. 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. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. Paterakis, who was also a major donor to many of the states political figures, was 87. By 2015, the suit said, he was frail and kept alive with drugs flown in from outside the country.. 290, Josephine Louis and family are heirs to the SC Johnson family fortune and have a net worth of $2.2 billion. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. These cookies do not store any personal information. The case isPaterakis vs Paterakis, et al.,03C18001742. Stephen's personal network of family, friends, associates & neighbors include Antonia Paterakis, John Paterakis, Victoria Mclaughlin, Annette Paterakis and Antoinette Paterakis. This strategy changed when H&S decided to put the building on the market. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. In life as in death, John Paterakis' wealth is not publicly known. 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. It is not. 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. 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. The Brew has learned that John Paterakis Sr., Baltimores billionaire bakery mogul, real estate developer and political powerbroker, died today at Johns Hopkins Hospital. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. However, his political largesse landed him in trouble in 2010. You dont do these deals if theres profit to be made. 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. Paterakis died on October 16 at age 87. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. Roula Paterakis will receive what she was left as either a beneficiary or co-owner when John Paterakis died on Oct. 16, 2016, at age 87. The only other property listed was $17,856 in corporate stocks -- with just over $17,000 of that in Met Life stock, and the rest in shares of Harbor Bankshares Corp. Paterakis was a major supporter of Harbor Bank, Baltimore's only minority-controlled commercial bank, and a member of its board of directors from it beginnings in 1982. Please read our moderation policy before leaving a comment. How much Paterakis left behind after his death at age 87 and how much will go to his second wife are at the crux of a family feud playing out in multiple court filings. In 2010, the Greek-American publication The National. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. Arnold Weiner, a lawyer for Roula Paterakis, said his client was disappointed in the ruling and reviewingher options as to her next steps. Daily Record Legal Affairs Writer Fathers estate at just over $ 155,000 is ESG investing and why do some hate it so much about. 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