The dueling lawsuits expose a rift between the businessmans descendants and his second wife. Tagged with: estates and trusts H&S Bakery John Paterakis. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. Alongside the coronavirus pandemic, rising inflation and low . He turned the family business, H&S Bakery Inc., into one of the citys most prominent businesses. 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. 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. These cookies do not store any personal information. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit In 1920 there were 2 Paterakis families living in Ohio. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. 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. Paterakis, who was also a major donor to many of the states political figures, was 87. But his political largesse landed him in hot water in 2010. 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. 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.. Daily Record Business Writer 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 andchairman of H&S Bakery, wrote in a signed letter to employees in November 2017. But there is usually great motivation to handle any disputes without going to court, he said, both to keep from airing any dirty laundry and to preserve as much wealth as possible from going through an expensive legal battle. Necessary cookies are absolutely essential for the website to function properly. A probate lawyer in Southern Maryland can help you if family members who never accepted you are using probate as a venue in which to antagonize you. The Paterakis family name was found in the USA, and Canada between 1911 and 1920. 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 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. He donated the $6,000 maximum to the 2016 mayoral campaigns of both former Mayor Sheila Dixon and Mayor Catherine Pugh. 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. One third of $200,000 is a negligible amount of money compared to the total of the Paterakis family fortune, so in Roulas 2017 lawsuit, she tried to persuade the court to include some non-probate assets in the valuation of the estate. 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. Nowadays, people have started supporting his work and other things. Paterakis and his second wife had lived together since 2001, and married in 2015. Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. 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. But CBRE wont do the deal with the profit-sharing provision intact. 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. 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. 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. (UPDATE: A private service will be held on Thursday, October 20.). "You're almost guaranteed litigation," he said. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. 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. Continue with Recommended Cookies, Your email address will not be published. (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.). 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. The family alleged Roula, unhappy with the money left to her in the estate which included 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. 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. Roula was seeking one-third of the decades-run family bakeries, Nusinov said. Headquartered in Baltimore, Maryland, we operate as an integrated network of 10 bakeries and 30 distribution centers located strategically across the Eastern seaboard, not including our strategic partners which expands our reach even further. The siblings suit says that John Paterakis had some bakery business cash delivered to the house and some or all of these funds may not have been properly reported for tax purposes. But it goes on to allege that Roula Paterakis routinely spent and benefited from this cash and was unjustly enriched by amounts that should have been paid in taxes.. He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. But the siblings suit casts doubt on that document, saying it is not signed or witnessed. Get all the top news and sports from the baltimoresun.com. Her lawsuit alleges that the defendants -- the six Paterakis siblings, a son-in-law, a grandson and a business associate -- transferred assets into trusts to keep them out of the estate. By some estimates, Paterakis owned assets valued at more than $1 billion. Were gratified by that decision and that Mrs. Paterakis will now have her day in court, said Arnold Weiner, an attorney with Rifkin Weiner Livingston LLC representing Roula Paterakis. To purchase a reprint of this article, contact [emailprotected]. The suit alleges that Roula Paterakis rushed the terminally ill decedent into hastily arranged nuptials on Aug. 2, 2015, not even inviting his children. Subscribers to Maryland Family Law Update can access the digital edition archive. We are going to honor his (Paterakis) wishes., Roula Paterakis filed suit in November 2017 in Baltimore County Circuit Court, alleging her late husbands children conspired to deprive her of her rightful share of Johns estate.. 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. John Paterakis, like many wealthy people, kept many of his assets in trusts. 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. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. 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. 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. 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. 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. View Guidelines. Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. 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. And it will be downright stupendous for the Paterakis clan. 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. 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 . 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. 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 Brew has learned that John Paterakis Sr., Baltimores billionaire bakery mogul, real estate developer and political powerbroker, died today at Johns Hopkins Hospital. 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. 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. 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. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. 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. The complaint filed Thursday against Roula Paterakis, who married the businessman about a year before his death although they had lived together since 2001, seeks to lift the cloud she created by her own suit over his estate. Paterakis and his family also sold their share in the Morgan Stanley office building at Harbor Point -- the first building on the land -- in 2012. The Paterakis siblings fired back in a suit of their own. 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. His ascension to the ranks of the worlds wealthiest people is directly related to this success. 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. These items are $647,500 in life insurance, an. With this distraction put to bed, the Paterakis family will continue to honor John Paterakis true testamentary wishes and his legacy of supporting Baltimore.. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. 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. (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.). A judge dismissed much of Roula Paterakis 's original. I cant tell you how grateful I am to be wrong., Tagged with: estate family H&S Bakery harbor east John Paterakis lawsuit. In recent months, the family dispute has played out in multiple filings across various courthouses. 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. Adam Bednar "They almost always settle," Tanouye said. CBRE Global Investors is now under contract to buy a large portion of the tower. Up/down is compared to their net worth in 2015. 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. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. 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. (See below the list for the full methodology.) Over a long career, the bread man created one of the biggest bakery businesses in the U.S., then branched out into real estate as the developer of Harbor East, all the while serving as a premier fundraising bundler in city and state elections. You also have the option to opt-out of these cookies. flips of the buildings ownership) during the seven years remaining of the PILOT. Additionally, it should be noted, the Paterakis family picked up 10 years worth of EZ (Enterprise Zone) tax credits from the state. 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? Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. Wes Moore delivers his first State of the State speech, Read: Maryland GOP responds to Gov. 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 Daily Record/File Photo). content for publishing on our website. Walton Family . But subsequent events have overtaken the courts ruling, the opinion said. Nusinov said Thursday his clients were thrilled with the decision. When questioned yesterday by The Brew, Cole explained the citys reasoning this way: When it [the PILOT] was approved, it was never anticipated that the city would see any real profit-sharing. 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. 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. At more than $ 1 billion to also pursue those issues in court under. Kept many of his assets in trusts, Read: Maryland GOP to... Access the digital edition archive 6,000 maximum to the ranks of the State speech, Read Maryland. 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paterakis family net worth