Paterakis was fined $25,000 and banned from making political contributions until 2012. Roula Paterakis said in her own suit that her husband had promised her $20 million and committed that to writing. After his death, an inventory of his estate conducted by his children valued it at less than $200,000. Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. (1213people.com). 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 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. He paid a fine of $26,000 and was briefly barred from contributing to political campaigns, but came back strong during the current election cycle. Daily Record Legal Affairs Writer She has filed a claim to one-third of that estate as allowed by statute. The widow of John Paterakis, the bakery magnate and Harbor East developer, has withdrawn her claim to a greater share of what she said was his $1 billion fortune, leaving the bulk of it in the hands of the children from his first marriage. The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. Mayor Pugh ratified the deal without comment yesterday. "You're almost guaranteed litigation," he said. By: Special to The Daily Record flips of the buildings ownership) during the seven years remaining of the PILOT. His rise to prominence has resulted from his/her dedication to hard work. In life as in death, John Paterakis' wealth is not publicly known. Charles's annual salary is between $30 . 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. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. By some estimates, Paterakis owned assets valued at more than $1 billion. 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 Paterakis family name was found in the USA, and Canada between 1911 and 1920. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. 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. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. "If there is explicit animosity already, that's a larger red flag. 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. June 28, 2018. Please read our moderation policy before leaving a comment. 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. 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. 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. She was not able to get beyond the fact that her allegations were frivolous, he said of Roula Paterakis. It is not publicly known how much John Paterakis, who was 87 when he died in 2016, was worth because much of his assets were held in trusts. 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? 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. Nusinov said Thursday his clients were thrilled with the decision. But Roula Paterakis said her husband objected to their taking the money. John Paterakis Sr. is inducted into the Baltimore Suns Business and Civic Hall of Fame last June at the Center Club. 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. "There must be some basis for personal representatives to take the position it's not the property of the 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. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. 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. 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. 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. These cookies will be stored in your browser only with your consent. Subscribers to The Daily Record can access the digital edition archive. (Fern Shen), Developer Paterakis orchestrates $130,000 in campaign contributions to Sheila Dixon. The lawsuit was docketed in Baltimore County Circuit Court as Roula Paterakis v. William J. Paterakis et al., No. John Paterakis, like many wealthy people, kept many of his assets in trusts. 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. 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 in an undated photograph at a family reception. Currently, Stephen is married. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. 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. Daily Record Business Writer John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. 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. 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. The lawsuitalso accused Roula Paterakis of berating and belittling John Paterakis Sr. This category only includes cookies that ensures basic functionalities and security features of the website. 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. Paterakis died on October 16 at age 87. John Paterakis involvement in politics wasnt without controversy. 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. John Paterakis Sr.s involvement in politics wasnt without controversy. Thus, H&Ss offer of $1.5 million to the city to get rid of the profit-sharing and perhaps more significantly to allow two more change-in-control events (a.k.a. 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. 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. To purchase a reprint of this article, contact [emailprotected]. Nowadays, people have started supporting his work and other things. You also have the option to opt-out of these cookies. 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. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. By: Steve Lash var _Hasync=_Hasync||[];_Hasync.push(['Histats.start','1,4553220,4,511,95,18,00000000']);_Hasync.push(['Histats.fasi','1']);_Hasync.push(['Histats.track_hits','']);(function(){var hs=document.createElement('script');hs.type='text/javascript';hs.async=true;hs.src=('//s10.histats.com/js15_as.js');(document.getElementsByTagName('head')[0]||document.getElementsByTagName('body')[0]).appendChild(hs);})(); The name of John Paterakis is now a globally renowned individual. 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. 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. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. 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. These cookies will be stored in your browser only with your consent. A deals a deal. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. This law firm website is managed by MileMark Media. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. These cookies do not store any personal information. [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. 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. Ohio had the highest population of Paterakis families in 1920. Todays action (by Cavanaugh) represents complete vindication and clears the Paterakis family name, Nusinov stated via email. [Paterakis pleads guilty, will pay $26,000 in fines]. We intend to vigorously defend our familys good name and the legacy of our father.. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. 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. Paterakis married Antoinette "Toni" Apostolou, in 1950; they had six children and divorced about 40 years later. You also have the option to opt-out of these cookies. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. 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