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. 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 life as in death, John Paterakis' wealth is not publicly known. We intend to vigorously defend our familys good name and the legacy of our father.. You also have the option to opt-out of these cookies. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. All rights reserved. These items are $647,500 in life insurance, an Individual Retirement Account worth about $650,000, $250,000 cash and the house she co-owned with her husband in Lutherville-Timonium, the childrens attorney said. Currently, Stephen is married. 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. 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 Paterakis has withdrawn her lawsuit against her stepchildren and a business associate of her husbands over her inheritance. In the following six years until now, the citys PILOT agreement has (depending on your point of view) saved a prominent family $24 million or deprived the city now facing the layoff of hundreds of school teachers because of a looming $130 million budget deficit of the same amount. 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. Bill Cole insisted yesterday that the $1.5 million payment by H&S is far above what we believe the city would get in the remaining seven years of the PILOT.. Walton Family . But those effortsfailed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. 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. Mayor Pugh ratified the deal without comment yesterday. Necessary cookies are absolutely essential for the website to function properly. This, she said, echoing Cole, was a good deal. One example of his prowess was how quickly he managed to raise more than $130,000 for ex-mayor Dixon in the Democratic Party primary for mayor. Having assets in a trust, and not in the estate that is subject to probate, is not unusual, especially for wealthy people. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. Has it ever occurred to the BDC to say, We cant solve every problem you have, Mr. She has filed a claim to one-third of that estate as allowed by statute. By submitting your email to receive this newsletter, you agree to our, the children raiding cash from their fathers safe deposit boxes as he lay gravely ill, suit described scenes of turmoil before Paterakis death, spendthrift who once charged two Hermes Birkin handbags, Do Not Sell/Share My Personal Information. 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 . "There must be some basis for personal representatives to take the position it's not the property of the estate.". 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. His children also accused Roula Paterakis of berating and belittling John Paterakis Sr. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. John Paterakis, like many wealthy people, kept many of his assets in trusts. Our source scoffed at this explanation, saying, I bet its what George Philippou offered them, referring to the longtime lawyer for H&S Properties, who is married to the youngest daughter of the late John Paterakis. 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. (The Daily Record/File Photo). 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. These cookies will be stored in your browser only with your consent. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. CBRE Global Investors is now under contract to buy a large portion of the tower. In recent months, the family dispute has played out in multiple filings across various courthouses. Paterakis and his second wife had lived together since 2001, and married in 2015. 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. 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. The complaint is the latest salvo in a family feud over the estate of Paterakis, who transformed his father's small bakery into a multimillion-dollar conglomerate and an underutilized waterfront . Necessary cookies are absolutely essential for the website to function properly. That would free the buildings owners of any future profit-sharing. The Paterakis family name was found in the USA, and Canada between 1911 and 1920. A judge dismissed much of Roula Paterakis 's original. For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. By: Steve Lash The most Paterakis families were found in USA in 1920. 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? This website uses cookies to improve your experience while you navigate through the website. By clicking Accept, you consent to the use of ALL the cookies. 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. 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. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. And if there's a lot of money that's at stake, to mix metaphors, that's almost strike three. Get your evening news in your e-mail inbox. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. Also in Winnetka, and in spot No. Please read our moderation policy before leaving a comment. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. 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. Paterakis was fined $25,000 and banned from making political contributions until 2012. Required fields are marked *. And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. He was 87 when he died on Oct. 16, 2016, from complications of a bone marrow disease. [John Paterakis, multimillionaire baker and Baltimore developer, dies]. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. "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. 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. We intend to vigorously defend our familys good name and the legacy of our father.. John Paterakis in an undated photograph at a family reception. How much of John Paterakis' wealth is rightfully a part of his estate and thus subject to his widow's claim to one-third of it will be hashed out among lawyers and in court. 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. O3-C-18001742. 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. But equally compelling as underscored by evidence arising from Dixons own embezzlement trial six months after the approval of the Legg Mason PILOT was the enormous clout of John Paterakis. 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. It is mandatory to procure user consent prior to running these cookies on your website. Please read our moderation policy before leaving a comment. If the Circuit Court reassessed and found Roula Paterakis was indeed entitled to those funds her share would amount to about 30% of the total after-estate expenses, such as legal fees. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. 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. Nowadays, people have started supporting his work and other things. "They almost always settle," Tanouye said. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to 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. These cookies do not store any personal information. 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. By: Special to The Daily Record He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. The case isPaterakis vs Paterakis, et al.,03C18001742. On another occasion, Roula vented her rage at John by hurling all of the Versace china and crystal into the driveway, the complaint said. What is ESG investing and why do some hate it so much? The trust is not public. 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. So theyre buying the city out cheaply.. His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Ohio had the highest population of Paterakis families in 1920. (The Daily Record/File Photo). By some estimates, Paterakis owned assets valued at more than $1 billion. 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. 1. Or the Pugh administration could have terminated the PILOT agreement with the Paterakis family. Nusinov said Thursday his clients were thrilled with the decision. This strategy changed when H&S decided to put the building on the market. Get all the top news and sports from the baltimoresun.com. Subscribers to The Daily Record can access the digital edition archive. This law firm website is managed by MileMark Media. Washington, District of Columbia 20015. 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. We intend to vigorously defend our familys good name and the legacy of our father.. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of deposit at Harbor Bank. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. (1213people.com). She alleged that Bill Paterakis and Venice Vanessa Paterakis Smith, the siblings designated as the personal representatives of their fathers estate, had tried to get him to divorce her. "There has to be some amount of money that would make this go away. 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. 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. The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. Save my name, email, and website in this browser for the next time I comment. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. "You're almost guaranteed litigation," he said. These cookies will be stored in your browser only with your consent. 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. 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. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. John Paterakis was an iconic Baltimore businessman and political player who turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. 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. But CBRE wont do the deal with the profit-sharing provision intact. Subscribers to The Daily Record can access the digital edition archive. Manage Settings This category only includes cookies that ensures basic functionalities and security features of the website. John Paterakis Sr. is inducted into the Baltimore Suns Business and Civic Hall of Fame last June at the Center Club. He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. Your email address will not be published. The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. Other family members and associates include John Paterakis, Karen Philippou, Annette Paterakis, Antoinette Paterakis and Charles Paterakis. 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