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. 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. For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. The suit over the millions left behind by the H&S Bakery patriarch, filed in 2017, one year after his death, exposed a bitter rift between his second wife, Roula Paterakis, and the six grown children from his first marriage. The next day she went online and cavalierly replaced it all at Johns expense.. John Paterakis, like many wealthy people, kept many of his assets in trusts. "They almost always settle," Tanouye said. 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.. We and our partners use cookies to Store and/or access information on a device. 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. O3-C-18001742. The consent submitted will only be used for data processing originating from this website. 2017 - 2023 Tobin OConnor Concino P.C. 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. Ohio had the highest population of Paterakis families in 1920. (See below the list for the full methodology.) 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. "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. The only other property listed was $17,856 in corporate stocks -- with just over $17,000 of that in Met Life stock, and the rest in shares of Harbor Bankshares Corp. Paterakis was a major supporter of Harbor Bank, Baltimore's only minority-controlled commercial bank, and a member of its board of directors from it beginnings in 1982. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. 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. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit He turned the family business, H&S Bakery Inc., into one of the citys most prominent businesses. Smith said their father had instructed them to do that if he ever became seriously ill because it was intended for them. 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. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. 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. ", 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.". The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. The blue-chip, glass-clad Legg Mason Building at Harbor East. During the course of the bitter battle, she also accused her stepchildren of depleting their fathers cash assets during his final illness, while they accused her of greed and material excess. 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. ____________________________________ 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. Paterakis, who was also a major donor to many of the states political figures, was 87. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. John Paterakis Sr.s involvement in politics wasnt without controversy. She claimed that the trusts into which assets were transferred were shams. Get your evening news in your e-mail inbox. His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. In general, Paterakis was involved in local and . Subscribers to The Daily Record can access the digital edition archive. "A billionaire could die with much of his income sheltered.". August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. Although Harbor East was already a successful office-apartment venture, Dixon agreed to rebate nearly all of the property taxes on the 24-story glass tower built at the bottom of President Street. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. By submitting your email to receive this newsletter, you agree to our. Baltimore County Circuit Judge Colleen A. Cavanaugh found Roula Paterakis claim of sham trust transactions to be without merit, a determination affirmed by the Court of Special Appeals. Paterakis was fined $25,000 and banned from making political contributions until 2012. 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. All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. But his political largesse landed him in hot water in 2010. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. Please read our moderation policy before leaving a comment. 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. John Paterakis Sr. is inducted into the Baltimore Suns Business and Civic Hall of Fame last June at the Center Club. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. 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. There were also funeral expenses and probate fees and other administrative costs. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. 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. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. The lawsuitalso accused Roula Paterakis of berating and belittling John Paterakis Sr. Save my name, email, and website in this browser for the next time I comment. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. 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 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. She alleges that her husband's cash, assets and "controlling interest in the H&S Bakery enterprise" are worth more than $1 billion and should be part of his estate. A deals a deal. 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. Also in Winnetka, and in spot No. Continue with Recommended Cookies, Your email address will not be published. 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. 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 Nusinov said Thursday his clients were thrilled with the decision. It is mandatory to procure user consent prior to running these cookies on your website. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. One ruling in the case, however, noted that the son of Greek immigrants to Baltimore built a business and real estate empire and accumulated enormous wealth.. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. What is ESG investing and why do some hate it so much? 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 . 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. The opinion upholds Cavanaughs ruling that Roula Paterakis claim she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren did not have merit. Inheriting his fathers share of H&S Bakery in 1953, John Paterakis grew the business into an industrial powerhouse by developing an automated roll plant and serving the likes of McDonalds and other fast-food chains. That there would be a squabble over how that is dispersed is "not surprising" given the family dynamics, Tanouye said. Necessary cookies are absolutely essential for the website to function properly. 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. 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. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. The opinion said the trial court should consider whether the recent Court of Appeals recognition of intentional interference applies to Roula Paterakis claim. (The Daily Record/File Photo). There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. Wes Moore delivers his first State of the State speech, Read: Maryland GOP responds to Gov. In a statement, Comptroller Joan Pratt, who sits on the spending board, said Baltimore was gaining a guaranteed present payment against an unlikely future profit. 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. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. 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. He turned the family business, H&S Bakery Inc., into one of the city's most. His ascension to the ranks of the worlds wealthiest people is directly related to this success. He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. By: Special to The Daily Record We express no view as to whether it does or does not, the special appeals court opinion said. We intend to vigorously defend our familys good name and the legacy of our father.. 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 Paterakis family name was found in the USA, and Canada between 1911 and 1920. By clicking Accept, you consent to the use of ALL the cookies. Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million. A subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. On an old PILOT that had profit-sharing a net worth of $ 2.6 million and 1920 trial should... List for the website to give you the most relevant experience by remembering your preferences and repeat visits invested real... The website to give you the most relevant experience by remembering your preferences and repeat visits on website... 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