We express no view as to whether it does or does not, the special appeals court opinion said. With this distraction put to bed, the Paterakis family will continue to honor John Paterakis true testamentary wishes and his legacy of supporting Baltimore.. 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. This website uses cookies to improve your experience while you navigate through the website. 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. 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. The filing on Thursday, by siblings William J. Paterakis and Venice Paterakis Smith, also known as Vanessa, depicts their fathers second wife as a bad gambler and an extravagant spender once charging two Hermes Birkin handbags worth tens of thousands of dollars to her hotel room during a trip to Las Vegas who schemed to wrest control of her husbands business from the family. 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. Paterakis died on October 16 at age 87. It is mandatory to procure user consent prior to running these cookies on your website. An example of data being processed may be a unique identifier stored in a cookie. 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? View Guidelines. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. Nusinov said Thursday his clients were thrilled with the decision. 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. Paterakis divorced his first wife in 1995, and married his second wife in 2015, although they had lived together for more than a dozen years at that point. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. 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. 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. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. This, she said, echoing Cole, was a good deal. Adam Bednar covers real estate and development for The Daily Record. And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. To purchase a reprint of this article, contact [emailprotected]. That there would be a squabble over how that is dispersed is "not surprising" given the family dynamics, Tanouye said. In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. 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. These cookies do not store any personal information. Paterakis was widely remembered for his contributions to Baltimore. But opting out of some of these cookies may have an effect on your browsing experience. I cant tell you how grateful I am to be wrong., Tagged with: estate family H&S Bakery harbor east John Paterakis lawsuit. Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. 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 There were also funeral expenses and probate fees and other administrative costs. Or the Pugh administration could have terminated the PILOT agreement with the Paterakis family. 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. 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. 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.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. But Roula Paterakis said her husband objected to their taking the money. 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. Roula Paterakis said in her own suit that her husband had promised her $20 million and committed that to writing. 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. 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. Three others are also named in the suit. This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. 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. To purchase a reprint of this article, contact [emailprotected]. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. It is not. You also have the option to opt-out of these cookies. 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. A deals a deal. What is ESG investing and why do some hate it so much? 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. By clicking Accept, you consent to the use of ALL the cookies. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. Shunning the thought of retirement despite poor health, Paterakis was involved in the expansion of his domain to the east side of Central Avenue with the proposed $170 million Liberty Harbor East project. News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. 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. Required fields are marked *. Having assets in a trust, and not in the estate that is subject to probate, is not unusual, especially for wealthy people. Necessary cookies are absolutely essential for the website to function properly. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. Daily Record Legal Affairs Writer In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. (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.). We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. Subscribers to Maryland Family Law Update can access the digital edition archive. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. 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. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. According to Roula Paterakis' lawsuit, that figure should be much greater. But the siblings suit casts doubt on that document, saying it is not signed or witnessed. Additionally, it should be noted, the Paterakis family picked up 10 years worth of EZ (Enterprise Zone) tax credits from the state. The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. Please read our moderation policy before leaving a comment. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. But his political largesse landed him in hot water in 2010. Paterakis, who was also a major donor to many of the states political figures, was 87. These items are $647,500 in life insurance, an. The consent submitted will only be used for data processing originating from this website. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. for help. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. 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. Continue with Recommended Cookies, Your email address will not be published. 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 . 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. 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 . Now, some of that's becoming public. In general, Paterakis was involved in local and . The case isPaterakis vs Paterakis, et al.,03C18001742. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. Subscribers to Maryland Family Law Update can access the digital edition archive. Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. 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. The most Paterakis families were found in USA in 1920. His ascension to the ranks of the worlds wealthiest people is directly related to this success. 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. 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. Get your evening news in your e-mail inbox. "If there is explicit animosity already, that's a larger red flag. 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. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. ", Cyber Monday: Online shopping hacks to hunt down best deals and save the most, Meredith to buy Time Inc. for upward of $2.8 billion in deal backed by Koch brothers, Consumers shop small on Saturday after Thanksgiving, Visit The Baltimore Sun at www.baltimoresun.com. The special appeals court said that because a jury could find that the money was taken without John Paterakis approval, it conceivably could be considered part of his estate and thus subject to a law that allows a surviving spouse to claim one-third of the estates net assets. 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 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. You also have the option to opt-out of these 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.. It is mandatory to procure user consent prior to running these cookies on your website. 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. Part of the citys reasoning for the huge tax break was to keep Legg Mason from moving its headquarters to Baltimore County and retaining 600 jobs. But, she said in her suit, Paterakis children raided the cash hoards and cleaned out play money bank accounts when he was ill and hospitalized, denying her a fair share after his death. 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. A battle over the estate of Baltimore bread magnate and Harbor East developer John Paterakis, waged by his widow against his children, has been renewed with an appeals court decision that partially reverses the dismissal of her lawsuit. (1213people.com). He turned the family business, H&S Bakery Inc., into one of the citys most prominent businesses. 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. 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. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. A judge dismissed much of Roula Paterakis 's original. Developer. The Herald said that made. "They almost always settle," Tanouye said. But those effortsfailed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. All rights reserved. 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. Also in Winnetka, and in spot No. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of deposit at Harbor Bank. 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. Paterakis has filed a document in Baltimore County Orphans court, claiming the one-third of her husbands promise leave... Bread man by some politicians, a reference to his bakery and to... 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