paterakis family net worth
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The Paterakis siblings fired back in a suit of their own. This website uses cookies to improve your experience while you navigate through the website. 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. 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. You also have the option to opt-out of these cookies. News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. Tagged with: estates and trusts H&S Bakery John Paterakis. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. Roula Paterakis argued that by law she was entitled to a third of her husbands estate, and that estate should include assets held in trusts, as well as the cash hoards and play money that he kept in safes, safe deposit boxes and bank accounts, money that he freely spent on poker games, travel on private jets and gifts. And it will be downright stupendous for the Paterakis clan. 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.. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. There were also funeral expenses and probate fees and other administrative costs. (1213people.com). 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. After supporting Dixon during the mayoral primary (which she lost to Pugh), the family switched allegiance and funneled $58,000 to Pugh mostly in $6,000 chunks, the legal limit, and most of it coming on a single day, July 22, 2016. 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. John Paterakis Sr.s involvement in politics wasnt without controversy. 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 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. 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. He was 87 when he died on Oct. 16, 2016, from complications of a bone marrow disease. He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. In 2010, the Greek-American publication The National. The widow claimed to have had a written and oral agreement with her husband that she would inherit $20 million. 1. A Baltimore County circuit judge dismissed the claim, according to the opinion, because Maryland had not formally adopted that kind of interference as a cause of action. Mr. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. 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. Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. You also have the option to opt-out of these cookies. June 28, 2018. The total estate came to $155,354.. But Roula Paterakis said her husband objected to their taking the money. (UPDATE: A private service will be held on Thursday, October 20.). 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. Is your client emotionally ready for retirement? A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. He pleaded guilty to violating state campaign finance law after paying in excess of state contribution limits for a poll for former Baltimore Councilwoman Helen Holton in 2007. 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? We intend to vigorously defend our familys good name and the legacy of our father.. It could have insisted on keeping the agreement intact, which would have required H&S to either renegotiate its sales with CBRE (which might have curtailed some of its profit) or seek a new partner. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. Now, some of that's becoming public. 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. 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. 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. "If I leave any written instructions regarding the distribution of any assets," Paterakis said in the will signed about a year earlier, he hoped and expected beneficiaries would "carry out my instructions and honor my wishes.". 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. In 2009, Paterakis pleaded guilty to two counts of campaign finance violations in connection with a secret $6,000 payment to City Councilwoman Helen L. Holton for a political poll. 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. His rise to prominence has resulted from his/her dedication to hard work. This was about 25% of all the recorded Paterakis's in USA. 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. 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. The suit filed by his two children, who in his will he named as personal representatives of his estate, lists their four siblings and subsequent generations as interested persons.. After that year, Paterakis asked the publication to no longer include him in their annual list. 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 had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. 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. In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. "A billionaire could die with much of his income sheltered.". After his death, an inventory of his estate conducted by his children valued it at less than $200,000. Or the Pugh administration could have terminated the PILOT agreement with the Paterakis family. By: Special to The Daily Record His children also accused Roula Paterakis of berating and belittling John Paterakis Sr. 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. (Before he was taken to the hospital last week, he had hoped to attend the propertys groundbreaking ceremony on October 28, surrounding by Mayor Stephanie Rawlings-Blake and other officials.). [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. Required fields are marked *. But opting out of some of these cookies may have an effect on your browsing experience. Also in Winnetka, and in spot No. The $570,000 that the siblings retrieved from one of their fathers safe deposit boxes in 2013 are considered gifts, and he had no additional cash in them at the time of his death. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. Roula was seeking one-third of the decades-run family bakeries, Nusinov said. And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. 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. This law firm website is managed by MileMark Media. To purchase a reprint of this article, contact [emailprotected]. 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. (Fern Shen), Developer Paterakis orchestrates $130,000 in campaign contributions to Sheila Dixon. Walton Family . 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 . We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. She was not able to get beyond the fact that her allegations were frivolous, he said of Roula Paterakis. View Guidelines. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. 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. He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. Nusinov said Thursday his clients were thrilled with the decision. 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. 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. We also use third-party cookies that help us analyze and understand how you use this website. (The Daily Record/File Photo). John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. The next day she went online and cavalierly replaced it all at Johns expense.. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. 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. flips of the buildings ownership) during the seven years remaining of the PILOT. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. October 27, 2021, 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. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. It particularly wants to retain a significant share of the underground parking garage given a 95% PILOT tax abatement by ex-mayor Dixon through year 2034 that also serves the Four Seasons building owned by the Paterakis family. 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.. 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. A consent judgment filed Wednesday in Baltimore County Circuit Court ended a messy, four-year legal battle between Roula Paterakis, the widow of the man who turned H&S Bakery from a family business into a conglomerate, and his six grown children, other family members and a business associate. Necessary cookies are absolutely essential for the website to function properly. 290, Josephine Louis and family are heirs to the SC Johnson family fortune and have a net worth of $2.2 billion. 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. 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.. She is still wealthy by most estimates, though; she owns the house where she and John Paterakis lived together, as well as bank accounts worth about $800,000. These cookies do not store any personal information. The $1.5 million payment not only smooths the way for the propertys sale to CRBE, but will benefit H&S for years to come. 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. 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 suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. an IRA worth more than $500,000 and . 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. Any cash a person keeps around must be reported in an estate inventory, she said. 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. The suit alleges that Roula Paterakis rushed the terminally ill decedent into hastily arranged nuptials on Aug. 2, 2015, not even inviting his children. 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. He turned the family business, H&S Bakery Inc., into one of the city's most. 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. Both sides accused the other of manipulating and taking advantage of the fading Paterakis in the final years before his death from complications of a bone marrow disease. Her claims for hundreds of millions of dollars have been reduced to a maximum of less than $100,000, the lawyer for the family said. The amount that leaves in dispute is about $570,000. These cookies will be stored in your browser only with your consent. Charles's annual salary is between $30 . John Paterakis, like many wealthy people, kept many of his assets in trusts. This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. Mayor Pugh ratified the deal without comment yesterday. Distributed by Tribune Content Agency, LLC. 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. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. This, she said, echoing Cole, was a good deal. 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. The most Paterakis families were found in USA in 1920. Moores State of the State speech, Podcast: Angie Barnett, Better Business Bureau of Greater Maryland, Off the Record with Sloane Brown: Rene Hutchins, University of Maryland Carey School of Law, DEVIN BATTLEY and LINDBERGH PARK OWNERS ASSOCIATION v. 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All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. An example of data being processed may be a unique identifier stored in a cookie. Paterakis was widely remembered for his contributions to Baltimore. The consent submitted will only be used for data processing originating from this website. But his political largesse landed him in hot water in 2010. The Herald said that made him the 39th richest Greek-American in the country. 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. 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. O3-C-18001742. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. 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 suit describes the magnate as dependent on round-the-clock nursing care after 2013. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. 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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. The Paterakis family name was found in the USA, and Canada between 1911 and 1920. 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. 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. Additionally, it should be noted, the Paterakis family picked up 10 years worth of EZ (Enterprise Zone) tax credits from the state. Nov. 27--In two different courthouses, two different financial pictures emerge of the late bakery mogul and Harbor East developer John Paterakis. She filed a lawsuit in 2017, making public a feud within the family of a patriarch who for all his wealth and influence as a major political donor had lived a largely private life. The agreement and judgment was a complete victory, said Jeffrey E. Nusinov, who represented William J. Paterakis and Venice Paterakis Smith, the siblings who were named by their father as personal representatives of his estate. Paterakis married Antoinette "Toni" Apostolou, in 1950; they had six children and divorced about 40 years later. "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. 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