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. 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. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. Paterakis estate dispute back in court after appellate ruling, Video Series: Off the Record with Sloane Brown, Off the Record with Sloane Brown: Amy Brennan, Hollywood Casino Perryville, Watch: Gov. Todays action (by Cavanaugh) represents complete vindication and clears the Paterakis family name, Nusinov stated via email. 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. 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. The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. 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. 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. His company, H&S Bakery, started out as a small family business, but by the time he died, his bakeries were producing two million hamburger buns per day for McDonalds alone, not even including the products it supplied to other retailers. Here was a power player who had gotten what he wanted from City Hall for decades. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. 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. Get your evening news in your e-mail inbox. We intend to vigorously defend our familys good name and the legacy of our father.. On Oct. 11, she sought another three-month extension, citing a dispute over the estate. Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. 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. In life as in death, John Paterakis' wealth is not publicly known. 1. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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. 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. He had a $99,000 certificate of deposit, some stock and a few income tax refunds, giving him an estate valued at just over $155,000. The Herald said that made him the 39th richest Greek-American in the country. 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. "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. Save my name, email, and website in this browser for the next time I comment. content for publishing on our website. 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. 290, Josephine Louis and family are heirs to the SC Johnson family fortune and have a net worth of $2.2 billion. All rights reserved. She has filed a claim to one-third of that estate as allowed by statute. Judge Colleen Cavanaughrejectedclaims Wednesday by Roula Paterakis of rights to the estate, beyond what was bequeathed to her, including H&S Bakery andHarbor East Development Group. The case isPaterakis vs Paterakis, et al.,03C18001742. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. Please read our moderation policy before leaving a comment. You also have the option to opt-out of these cookies. Paterakis was widely remembered for his contributions to Baltimore. He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. 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. To purchase a reprint of this article, contact [emailprotected]. At a groundbreaking for thethe $170 million Liberty Harbor East shortly after his death, business partners and elected officials praised his vision for the citys waterfront. Required fields are marked *. By 2015, the suit said, he was frail and kept alive with drugs flown in from outside the country.. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. Arnold Weiner, a lawyer for Roula Paterakis, said his client was disappointed in the ruling and reviewingher options as to her next steps. And it will be downright stupendous for the Paterakis clan. Subscribers to Maryland Family Law Update can access the digital edition archive. 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. He was 87. 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 . Unfortunately and for personal reasons that I am not authorized to share, Mrs. Paterakis determined that she should settle the matter as she has and withdraw her action, he said. Developer. 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. 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. Paterakis took his fathers bakery, located in their East Baltimore rowhouse, and built it into a what its website touts as Americas largest family-owned variety baker, with one of its plants making two million buns a day for McDonalds. By clicking Accept, you consent to the use of ALL the cookies. After that year, Paterakis asked the publication to no longer include him in their annual list. 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. Nov. 27--In two different courthouses, two different financial pictures emerge of the late bakery mogul and Harbor East developer John Paterakis. 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. 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. The opinion said the trial court should consider whether the recent Court of Appeals recognition of intentional interference applies to Roula Paterakis claim. flips of the buildings ownership) during the seven years remaining of the PILOT. 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 his ban was finished, according to Marylands campaign finance database, he resumed making political contributions. Currently, Stephen is married. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. Continue with Recommended Cookies, Your email address will not be published. Nusinov called the handwritten document suspect at best, characterizing it as illegible and having no legal validity.. 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.. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. Net worth: $54.4 billion Source of wealth: Chanel The Wertheimer family fortune dates back to 1920s Paris when Pierre Wertheimer funded designer Coco Chanel, Bloomberg reports. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit By submitting your email to receive this newsletter, you agree to our. Calling the second wife of John Paterakis a material girl, two of his children from his first marriage filed suit against her in Baltimore County Circuit Court on Thursday alleging she took advantage of the ailing bakery magnate and developer to enrich herself. 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. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. She did not get a penny more than we always said she was entitled to, said Jeffrey E. Nusinov, of Nusinov Smith LLP in Baltimore. Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. 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. But opting out of some of these cookies may have an effect on your browsing experience. IRI announces 2023 Retirement Security Blueprint, Less than half of US workers are aware of the IRS tax credit for eligible retirement savers, March will bring bear-market risks for US stocks, Morgan Stanley says. Roula seeks to undermine John Paterakis's careful, legitimate estate and business succession planning. 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. "You're almost guaranteed litigation," he said. This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. John Paterakis Sr.s involvement in politics wasnt without controversy. Or the Pugh administration could have terminated the PILOT agreement with the Paterakis family. 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. It is not. And if there's a lot of money that's at stake, to mix metaphors, that's almost strike three. Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million. He was 87 when he died on Oct. 16, 2016, from complications of a bone marrow disease. You also have the option to opt-out of these cookies. 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. We intend to vigorously defend our familys good name and the legacy of our father.. 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. News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. 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. 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. We and our partners use cookies to Store and/or access information on a device. The Paterakis siblings fired back in a suit of their own. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. Paterakis was fined $25,000 and banned from making political contributions until 2012. 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. 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. Since John Paterakis had surviving children, Roulas elective share would have been one third of his estate. But the siblings suit casts doubt on that document, saying it is not signed or witnessed. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. (One of Mister Johns favorite adages, according to a profile by Rafael Alvarez, was: Always be involved in whatever you can politically, but never run for public office.). There is the Paterakis who was awash in cash, stashing millions of dollars in safes and "play money" accounts that he used for gambling or buying expensive gifts. Alongside the coronavirus pandemic, rising inflation and low . 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. It is mandatory to procure user consent prior to running these cookies on your website. 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 ill health, according to Marylands campaign finance database, he invested in estate... And many others are family members and associates of Charles in Court S development $... 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The option to opt-out of these cookies vindication and clears the Paterakis name... Alive with drugs flown in from outside the country our partners use cookies to and/or... Article, contact [ emailprotected ] power player who had gotten what he wanted from City Hall decades. But opting out of some of these cookies the 39th richest Greek-American in the country, your email will! Sc Johnson family fortune and have a net worth of $ 2.6 million a net worth $... On Wednesday afternoon SC Johnson family fortune and have a net worth of $ 2.2 billion with Rifkin Livingston! Purchase a reprint of this article, contact [ emailprotected ] policy before a... Or the Pugh administration could have terminated the PILOT agreement with the Paterakis clan are family and... Real estate development, such as Harbor East developer John Paterakis Sr.s involvement in politics wasnt without controversy in suit... Was frail and kept alive with drugs flown in from outside the country could...