Paterakis and his second wife had lived together since 2001, and married in 2015. 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. The next day she went online and cavalierly replaced it all at Johns expense.. Roula Paterakis attorney, Arnold M. Weiner, called the suit a travesty and a desecration of the late businessmans memory for depicting him as a victim in his own marriage. News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. But opting out of some of these cookies may have an effect on your browsing experience. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. 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. So theyre buying the city out cheaply.. 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. (1213people.com). John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. Three others are also named in the suit. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. 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Both depict screaming, animosity-fueled fights and both make claims that the other side took advantage of the family patriarch when he was in a weakened state toward the end of his life. By clicking Accept, you consent to the use of ALL the cookies. 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.. (See below the list for the full methodology.) John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. The consent submitted will only be used for data processing originating from this website. 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 . A judge dismissed much of Roula Paterakis 's original. 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. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. As John Paterakis health began failing, the suit charges, she became concerned not with his well-being but with ensuring that she got as much of his fortune as possible. Subscribers to The Daily Record can access the digital edition archive. His ascension to the ranks of the worlds wealthiest people is directly related to this success. This law firm website is managed by MileMark Media. 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. That makes the 650,000 square-foot property worth about $312 million. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. 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. Paterakis widow ends multimillion-dollar lawsuit against his children, Video Series: Off the Record with Sloane Brown, 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. 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. Ohio had the highest population of Paterakis families in 1920. (In fact, says another source, the original amount offered by H&S was $1 million, which was upped to $1.5 million to gain Mayor Pughs support.). This strategy changed when H&S decided to put the building on the market. Paterakis who grew his family's small, rowhouse-based bakery into a behemoth that supplies the likes of McDonald's and transformed a largely industrial tract of land into glitzy Harbor East . Roula Paterakis filedsuit in Orphans Court last year alleging her late husbands children and grandchildren conspired to depriveher of her rightful share of Johns estate. Last year Rifkin saidhis client was threatened with destruction if she tried to enforce John Paterakis Sr.s promise to leave her $20 million. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. But the Legg Mason Tower is scarcely marginal it boasts some of the highest rents in the city, is fully leased, and is under contract to sell at an extraordinary $480 per square foot, according to the Baltimore Business Journal. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. These cookies do not store any personal information. On another occasion, Roula vented her rage at John by hurling all of the Versace china and crystal into the driveway, the complaint said. Charles's annual salary is between $30 . 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. 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. ", 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.". Nov. 27--In two different courthouses, two different financial pictures emerge of the late bakery mogul and Harbor East developer John Paterakis. 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. 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. Necessary cookies are absolutely essential for the website to function properly. 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. Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. We intend to vigorously defend our familys good name and the legacy of our father.. He turned the family business, H&S Bakery Inc., into one of the citys most prominent businesses. It is mandatory to procure user consent prior to running these cookies on your website. 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 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. "The Paterakis family is determined to resist her effort, to establish the truth about what occurred and to vindicate the family's good name." . 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.. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. 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. flips of the buildings ownership) during the seven years remaining of the PILOT. Paterakis was fined $25,000 and banned from making political contributions until 2012. It is mandatory to procure user consent prior to running these cookies on your website. 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. Also in Winnetka, and in spot No. ____________________________________. And it will be downright stupendous for the Paterakis clan. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. 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. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. Please read our moderation policy before leaving a comment. By: Special to The Daily Record 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 . According to his wife Roula, with whom he was in a relationship since 2001 whom he married about a year before his death, he also kept millions of dollars in cash in safes located on his real estate properties. These cookies will be stored in your browser only with your consent. for help. Adam Bednar Nusinov said Thursday his clients were thrilled with the decision. All rights reserved. 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. 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 appeals court also found Cavanaugh erred when she dismissed a claim for declaratory relief without declaring the rights of the parties. 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 *. 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. Distributed by Tribune Content Agency, LLC. A subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. 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. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. The widow claimed to have had a written and oral agreement with her husband that she would inherit $20 million. "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. To understand the disproportionate gains going to the owners as compared to the city, you need to refer to the 2009 agreement struck by former Mayor Sheila Dixon and the recently deceased paterfamilias of Harbor East, John Paterakis Sr. 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. ____________________________________ 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. 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. 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. 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. After his ban was finished, according to Marylands campaign finance database, he resumed making political contributions. While John Paterakis, for all his business and civic prominence in Baltimore, lived a largely private life, the suits filed by his widow and now his children since his death expose much of what they claim was happening behind the scenes. 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. 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. The opinion said the trial court should consider whether the recent Court of Appeals recognition of intentional interference applies to Roula Paterakis claim. 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. But opting out of some of these cookies may have an effect on your browsing experience. He bought a largely industrial swath of land on the east side of the Inner Harbor, close to the H&S Bakery in Fells Point, and developed it into the glitzy Harbor East neighborhood. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. 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. 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 Paterakis family name was found in the USA, and Canada between 1911 and 1920. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. 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. These cookies do not store any personal information. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. 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. 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. These cookies will be stored in your browser only with your consent. (Karen Jackson/Baltimore Sun). All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. (Fern Shen), Developer Paterakis orchestrates $130,000 in campaign contributions to Sheila Dixon. The Brew has written extensively about the generous contributions made by the Paterakis family, first to former Mayor Dixon, then to Pugh, during the last election cycle. John Paterakis, like many wealthy people, kept many of his assets in trusts. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. 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. 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. View Guidelines. 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 intend to vigorously defend our familys good name and the legacy of our father.. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. 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. His influence spread far and wide from his humble beginnings as the son of a Greek immigrant who forsook college to help his dad run a small East Baltimore bakery.