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. 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. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. 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. 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 . 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. 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. Distributed by Tribune Content Agency, LLC. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. 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.. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. 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. So theyre buying the city out cheaply.. That there would be a squabble over how that is dispersed is "not surprising" given the family dynamics, Tanouye said. [Paterakis pleads guilty, will pay $26,000 in fines]. yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 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. Additionally, it should be noted, the Paterakis family picked up 10 years worth of EZ (Enterprise Zone) tax credits from the state. The lawsuitalso accused Roula Paterakis of berating and belittling John Paterakis Sr. 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. 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.. John Paterakis Sr. is inducted into the Baltimore Suns Business and Civic Hall of Fame last June at the Center Club. 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. And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. Roula seeks to undermine John Paterakis's careful, legitimate estate and business succession planning. Is your client emotionally ready for retirement? 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. He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. We intend to vigorously defend our familys good name and the legacy of our father.. 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. 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. 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. The family alleged Roula, unhappy with the money left to her in the estate including 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, according to the complaint. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. 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. "You're almost guaranteed litigation," he said. 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. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. Other family members and associates include John Paterakis, Karen Philippou, Annette Paterakis, Antoinette Paterakis and Charles Paterakis. June 28, 2018. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit 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. Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. But opting out of some of these cookies may have an effect on your browsing experience. 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. 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. 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. 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. 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. In the final month of her husbands life, Roula Paterakis sought to increase her inheritance, the suit alleges. Required fields are marked *. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. Paterakis was fined $25,000 and banned from making political contributions until 2012. 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. 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. These cookies will be stored in your browser only with your consent. 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. John Paterakis Sr.s involvement in politics wasnt without controversy. We and our partners use cookies to Store and/or access information on a device. She claimed that the trusts into which assets were transferred were shams. Necessary cookies are absolutely essential for the website to function properly. Subscribers to The Daily Record can access the digital edition archive. 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. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. 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. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. You also have the option to opt-out of these cookies. John Paterakis, like many wealthy people, kept many of his assets in trusts. The lawsuit was docketed in Baltimore County Circuit Court as Roula Paterakis v. William J. Paterakis et al., No. A subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. That would free the buildings owners of any future profit-sharing. 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. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: 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. But opting out of some of these cookies may have an effect on your browsing experience. We express no view as to whether it does or does not, the special appeals court opinion said. Subscribers to Maryland Family Law Update can access the digital edition archive. By clicking Accept, you consent to the use of ALL the cookies. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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Roula was seeking one-third of the decades-run family bakeries, Nusinov said. Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. Paterakis was widely remembered for his contributions to Baltimore. 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, chairman of H&S Bakery, wrote in a signed letter to employees soon after his stepmothers complaint was filed. 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. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. 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. Todays action (by Cavanaugh) represents complete vindication and clears the Paterakis family name, Nusinov stated via email. 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. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. Three others are also named in the suit. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. 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. John Paterakis in an undated photograph at a family reception. But those effortsfailed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. 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. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. Subscribers to Maryland Family Law Update can access the digital edition archive. 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. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. 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. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. "They almost always settle," Tanouye said. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. The total estate came to $155,354.. According to Roula Paterakis' lawsuit, that figure should be much greater. 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. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. 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. 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 opting out of some of these cookies may have an effect on your browsing experience. (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 and chairman of H&S Bakery, wrote in a signed letter to employees in November 2017. ", Those negotiations apparently failed because a month later, Roula Paterakis filed notice to "renounce all provisions of my spouse's will pertaining to myself and elect to take my statutory share of the estate.". In life as in death, John Paterakis' wealth is not publicly known. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. 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. "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. His children also accused Roula Paterakis of berating and belittling John Paterakis Sr. 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. 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. In general, Paterakis was involved in local and . Weiner is with Rifkin Weiner Livingston LLC in Baltimore. On July 19, the Paterakis siblings filed an updated accounting of the estate, adding additional income and subtracting various expenses. Jeffrey E. Nusinov, who represents Bill Paterakis and Smith, said Roula Paterakis suit, which initially sought a third of what she said was her husbands $1 billion fortune, has been chipped away over the years to almost nothing. Subscribers to The Daily Record can access the digital edition archive. Paterakis and his second wife had lived together since 2001, and married in 2015. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. Also in Winnetka, and in spot No. Nusinov said Thursday his clients were thrilled with the decision. 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. That makes the 650,000 square-foot property worth about $312 million. Be concerned about any profit-sharing provision with the city Paterakis Sr.s involvement in politics wasnt controversy! 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