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. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. This category only includes cookies that ensures basic functionalities and security features of the website. 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. 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 . We intend to vigorously defend our familys good name and the legacy of our father.. Is your client emotionally ready for retirement? 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. 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 . 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. 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. The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. John Paterakis Sr.s involvement in politics wasnt without controversy. The lawsuitalso accused Roula Paterakis of berating and belittling John Paterakis Sr. 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? The consent submitted will only be used for data processing originating from this 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. John Paterakis Sr. is inducted into the Baltimore Suns Business and Civic Hall of Fame last June at the Center Club. His ascension to the ranks of the worlds wealthiest people is directly related to this success. August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. That would free the buildings owners of any future profit-sharing. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: 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. Daily Record Legal Affairs Writer 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. 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. In recent months, the family dispute has played out in multiple filings across various courthouses. You also have the option to opt-out of these cookies. (The Daily Record/File Photo). When John Paterakis died, the value of his assets that went through probate was only $200,000, but his net worth was nearly a billion dollars, if not more. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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 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. Your email address will not be published. Nusinov said Thursday his clients were thrilled with the decision. 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. Eventually John Paterakis Sr. invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. Since John Paterakis had surviving children, Roulas elective share would have been one third of his estate. 1. Subscribers to The Daily Record can access the digital edition archive. If deemed great by the head of the Baltimore Development Corp., the Legg Mason deal must be described as super great for the Los Angeles real estate conglomerate that is under contract to buy a portion of the high-rise building. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. Smith said their father had instructed them to do that if he ever became seriously ill because it was intended for them. 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. 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. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. He was referred to as the bread man by some politicians, a nod not only to his successful bakery but to his ability to make campaign contributions. 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. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. 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. 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. Subscribers to Maryland Family Law Update can access the digital edition archive. "There must be some basis for personal representatives to take the position it's not the property of the estate.". It set off a series of charges and countercharges of scandalous behavior of the children raiding cash from their fathers safe deposit boxes as he lay gravely ill in a hospital, of the second wife spending lavishly like a material girl and taking advantage of his frailty late in life until it was dismissed in June 2018. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. Roula Paterakis is gratified that she will now have her day in court so that she can pursue this substantial cause of action the interference with the $20 million promise, said her attorney, Arnold M. Weiner. 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. Tagged with: estates and trusts H&S Bakery John Paterakis. 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. 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. 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. ____________________________________. 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. It is mandatory to procure user consent prior to running these cookies on your website. 290, Josephine Louis and family are heirs to the SC Johnson family fortune and have a net worth of $2.2 billion. 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. 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. yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 Now, some of that's becoming public. 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. 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? Paterakis who grew his familys small, rowhouse-based bakery into a behemoth that supplies the likes of McDonalds and transformed a largely industrial tract of land into glitzy Harbor East died the following month. 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. 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. (1213people.com). Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. "You're almost guaranteed litigation," he said. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. 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. John Paterakis, like many wealthy people, kept many of his assets in trusts. Three others are also named in the suit. You dont do these deals if theres profit to be made. 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She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. 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. We and our partners use cookies to Store and/or access information on a device. He turned the family business, H&S Bakery Inc., into one of the city's most. 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. Currently, Stephen is married. That makes the 650,000 square-foot property worth about $312 million. Washington, District of Columbia 20015. The Herald said that made him the 39th richest Greek-American in the country. "There are legitimate ways to shelter income," said Bobby Waldrup, accounting professor and interim associate dean of the Sellinger School of Business at Loyola University Maryland. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit (Karen Jackson/Baltimore Sun). 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. In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. He was 87 when he died on Oct. 16, 2016, from complications of a bone marrow disease. Are the children willing to give that up to avoid the fight? 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. Paterakis was fined $25,000 and banned from making political contributions until 2012. (You Tube), There was, however, a proviso in the PILOT agreement that said the city would receive 25% of excess net proceeds after the developer achieves a 15% cumulative return on equity.. By: Steve Lash Continue with Recommended Cookies, Your email address will not be published. This law firm website is managed by MileMark Media. View Guidelines. 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. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. Paterakis and his second wife had lived together since 2001, and married in 2015. 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. In the final month of her husbands life, Roula Paterakis sought to increase her inheritance, the suit alleges. John Paterakis, whose father started the bakery in a rowhouse with business partner Harry Tsakalos in 1943, grew it into a massive operation with about $800 million in annual revenue and 2,500 . Arnold Weiner, a lawyer for Roula Paterakis, said his client was disappointed in the ruling and reviewingher options as to her next steps. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. She has filed a claim to one-third of that estate as allowed by statute. By some estimates, Paterakis owned assets valued at more than $1 billion. He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. It is mandatory to procure user consent prior to running these cookies waterfront skyline of..., he reluctantly agreed to try his hand at redeveloping the land to as the bread man by some,. The citys most prominent companies last June at the urging of then-mayor William Donald,... 'S not the property of the worlds wealthiest people is directly related to this success to provide campaign contributions invested. 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