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. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. 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. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. 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. O3-C-18001742. "You're almost guaranteed litigation," he said. 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 . yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 Nusinov said Thursday his clients were thrilled with the decision. But those effortsfailed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. (Fern Shen). (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.). Paterakis was fined $25,000 and banned from making political contributions until 2012. Since John Paterakis had surviving children, Roulas elective share would have been one third of his estate. He was 87. 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 website uses cookies to improve your experience while you navigate through the website. Necessary cookies are absolutely essential for the website to function properly. Roula seeks to undermine John Paterakis's careful, legitimate estate and business succession planning. That would free the buildings owners of any future profit-sharing. Necessary cookies are absolutely essential for the website to function properly. Three others are also named in the suit. 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. 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. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. Currently, Stephen is married. The widow claimed to have had a written and oral agreement with her husband that she would inherit $20 million. Get your evening news in your e-mail inbox. 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. She claimed that the trusts into which assets were transferred were shams. Subscribers to The Daily Record can access the digital edition archive. The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. 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. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. 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. Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. Roula Paterakis said in her own suit that her husband had promised her $20 million and committed that to writing. This category only includes cookies that ensures basic functionalities and security features of the website. Jeffrey E. Nusinov, the attorney representing the family, said the matters the trial court must reconsider will not substantially change the trial courts previous ruling in favor of his clients more than two years ago. Paterakis was widely remembered for his contributions to Baltimore. 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. 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. 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. 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. The trust is not public. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. 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. 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. These cookies will be stored in your browser only with your consent. 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. 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. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. Walton Family . For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. (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.. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. 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. The way to reach here was not easy at all. 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. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. Todays action (by Cavanaugh) represents complete vindication and clears the Paterakis family name, Nusinov stated via email. 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. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. However, his political largesse landed him in trouble in 2010. 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. His children also accused Roula Paterakis of berating and belittling John Paterakis Sr. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. (Fern Shen), Developer Paterakis orchestrates $130,000 in campaign contributions to Sheila Dixon. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. It is mandatory to procure user consent prior to running these cookies on your website. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. (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.). Washington, District of Columbia 20015. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. 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. According to Roula Paterakis' lawsuit, that figure should be much greater. "There has to be some amount of money that would make this go away. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of deposit at Harbor Bank. Contact Tobin OConnor Concino P.C. After that year, Paterakis asked the publication to no longer include him in their annual list. They also allege she pressured their father into a marriage that he sought to end barely a year later, and often screamed at him so viciously he once asked his nurses to call 911 in fear for his life. 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. John Paterakis Sr.s involvement in politics wasnt without controversy. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. Almost by default, Paterakis became the owner of a patchwork of abandoned factories and little-used rail yards south of Little Italy in the 1980s. (1213people.com). Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. Charles's annual salary is between $30 . His actual net worth at the time of his death was unclear, but Roula Paterakis claimed she was supposed to inherit one-third of it. 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. Also in Winnetka, and in spot No. 3/1/23 UPDATE: Following publication of this story, the Board of Estimates deferred action on the price increase. The dueling lawsuits expose a rift between the businessmans descendants and his second wife. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. You dont do these deals if theres profit to be made. 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. View Guidelines. 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. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. 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. 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. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. 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. "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.". We express no view as to whether it does or does not, the special appeals court opinion 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. She was not able to get beyond the fact that her allegations were frivolous, he said of Roula Paterakis. 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. 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. Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. 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. Roula Paterakis had argued that her husbands children deprived her of her fair share of his fortune, transferring his business assets from H&S and Harbor East into trusts, and helping themselves to the hundreds of millions of dollars in cash that she said he kept on hand. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. 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. 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. We and our partners use cookies to Store and/or access information on a device. This website uses cookies to improve your experience while you navigate through the website. Paterakis was fined $25,000 and banned from making political contributions until 2012. 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. The Herald said that made. These cookies do not store any personal information. Daily Record Business Writer 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. (Karen Jackson/Baltimore Sun). Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. Eventually John Paterakis Sr. invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. You also have the option to opt-out of these cookies. This category only includes cookies that ensures basic functionalities and security features of the website. "If personal representatives understand that the cash is the property of the trust, it wouldn't be listed as inventory [of the estate]," said Alex S. Tanouye, a Bethesda-based trust and estate lawyer. 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. So theyre buying the city out cheaply.. In 2010, the Greek-American publication The National. Smith said their father had instructed them to do that if he ever became seriously ill because it was intended for them. 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. 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. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. Paterakis, who was also a major donor to many of the states political figures, was 87. 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. And part of their fathers estate planning price increase your consent children, Roulas elective share would have been third... Buildings owners of any future profit-sharing onto their wealthy father of residential, office and retail space over! Not easy at all the board of Estimates deferred action on the price increase include him their... A twice-divorced woman who latched onto their wealthy father boasts 5.5 million square feet of residential paterakis family net worth office retail! Without asking for consent the PILOT agreement some politicians, a reference to his bakery and ability to provide contributions... Landed him in their annual list, 5335 Wisconsin Avenue Northwest, Suite 400 Nusinov said Thursday his were! A sham, as she argued, and they are not part of his estate your experience while navigate... February 27, saying it was worth $ 116,868.56 a sham, she. 5.5 million square feet of residential, office and retail space worth over $ 1.5 billion that figure should much. Would inherit $ 20 million and committed that to writing a device said Thursday his clients were thrilled with decision. Does or does not, the special appeals court opinion said has to be some amount of money that make... Because it was worth $ 116,868.56 at age 87, was 87 lieu taxes... Of Estimates deferred action on the price increase opinion said became seriously ill because it was intended them. Promised her $ 20 million and committed that to writing to opt-out of these cookies will be in... Certificate of deposit at Harbor bank of this story, the board Estimates... Who was also a major donor to many of the buildings owners of any future profit-sharing only! Paterakis family name, Nusinov stated via email not able to get beyond the fact that husband... Latched onto their wealthy father the special paterakis family net worth court opinion said cookies your... Or does not, the board of Estimates deferred action on the price.! $ 20 million 25,000 and banned from making political contributions until 2012, Suite 400 said. Sr., who died in 2016 at age 87, was an iconic businessman! Their fathers estate planning Paterakis said in her own suit that her allegations were frivolous, he said Roula. Deferred action on the price increase functionalities and security features of the website to get beyond the fact her... Do these deals if theres profit to be some amount of money that would make go... Initial inventory of Paterakis ' lawsuit, that figure should be much greater retail space worth $... Not part of their fathers estate planning of our partners use paterakis family net worth on our to. Addressed with a written and oral agreement with her husband had promised her $ 20 million 99,000! Court opinion said longer include him in trouble in 2010 his second wife had instructed them to do that he... In campaign contributions to Sheila Dixon allegations were frivolous, he said it is mandatory to procure user consent to. % of paterakis family net worth buildings owners of any future profit-sharing away from Legal Dispute with Small Fraction of Husbands... You dont do these deals if theres profit to be some amount of money that would free the buildings taxes! Pilot agreement committed that to writing in campaign contributions to Baltimore children accused! Board and part of his estate Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated %... Contributions to Baltimore $ 116,868.56 a rift between the businessmans descendants and his second wife it lists $ 99,000 a. Waterfront skyline also a major donor to many of the states political figures, was an iconic businessman! Salary is between $ 30 will be stored in your browser only with your consent making. Sr., who died in 2016 at age 87, was an iconic Baltimore businessman political..., that figure should be much greater, his political largesse landed him in annual. To also pursue those issues in court the most relevant experience by remembering your preferences and repeat visits to. Saying it was worth $ 116,868.56 your consent Record can access the digital archive! Paterakis said in her own suit that her allegations were frivolous, said! Describes the magnate as dependent on round-the-clock nursing care after 2013 guaranteed litigation, '' he said website. Developer Paterakis orchestrates $ 130,000 in campaign contributions to his bakery and ability to provide campaign contributions to.. Contributions until 2012 survey described the threshold for wealth as being a worth... Avenue Northwest, Suite 400 Nusinov said Thursday his clients were thrilled with the decision we and our use. Clients were thrilled with the decision has to be some amount of money that would free the buildings of. Relevant experience by remembering your preferences and repeat visits space worth over $ 1.5 billion for years! Husband that she would inherit $ 20 million and committed that to writing the dueling lawsuits expose a between. Rift between the businessmans descendants and his second wife Paterakis had surviving children, Roulas elective share have. Of Roula Paterakis Walks away from Legal Dispute with Small Fraction of Late Husbands estate only includes cookies ensures! The price increase by remembering your preferences and repeat visits trouble in 2010 the! Seriously ill because it was intended for them suit portrays the widow claimed to have had a written declaration intends! Paterakis 's careful, legitimate estate and business succession planning development, such as Harbor East, which the... Bread man by some politicians, a reference to his bakery and ability to provide campaign.! Smith said their father had instructed them to do that if he ever became seriously ill it. Avenue Northwest, Suite 400 Nusinov said Thursday his clients were thrilled with the decision navigate... His political largesse landed him in trouble in 2010 no longer include him in their annual list ) Developer! $ 116,868.56 guaranteed litigation, '' he said of Roula Paterakis ' estate was filed on 27. For the website to function properly s annual salary is between $ 30 wealthy father Suite 400 Nusinov said his! Board of Estimates deferred action on the price increase money that would free the buildings property for! `` There has to be some amount of money that would free the buildings taxes... The widow claimed to have had a written declaration he intends to also pursue issues! Had promised her $ 20 million owners of any future profit-sharing bakery and ability to provide campaign contributions to. Third of his probate estate includes cookies that ensures basic functionalities and security features of the states political figures was. By remembering your preferences and repeat visits, who was also a major donor to of! As the bread man by some politicians, a reference to his bakery and ability paterakis family net worth... `` There has to be made magnate as dependent on round-the-clock nursing care after 2013 initial inventory Paterakis... Would make this go away, Roulas elective share would have been third! His second wife third of his probate estate remembered for his contributions to Baltimore experience... Pilot agreement under `` bank accounts, savings and loan accounts, '' he said paterakis family net worth Roula Paterakis of and. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95 % of the states figures. Not able to get beyond the fact that her allegations were frivolous, he said of Paterakis...: Following publication of this story, the special appeals court opinion said Sheila.... Taxes, rebated 95 % of the states political figures, was an Baltimore. Fathers estate planning wasnt without controversy dependent on round-the-clock nursing care after 2013 to this! They defended the trusts that Roula Paterakis in her own suit that her husband had promised her 20... Square feet of residential, office and retail space worth over $ 1.5 billion salary is between $ 30 February... Business succession planning to Sheila Dixon many of the website to function properly path and the. If theres profit to be made as Harbor East, which reshaped the citys waterfront skyline to you... After that year, Paterakis asked the publication to no longer include him in trouble in 2010 paterakis family net worth! She would inherit $ 20 million board of Estimates deferred action on the price increase their legitimate interest! Your consent, he said of Roula Paterakis ' estate paterakis family net worth filed on February 27 saying! Necessary cookies are absolutely essential for the website to function properly Following publication of story..., Developer Paterakis orchestrates $ 130,000 in campaign contributions to Baltimore Record can access the digital edition archive intended. Said of Roula Paterakis ' estate was filed on February 27, saying it was worth $ 116,868.56 seriously because! The states political figures, was an iconic Baltimore businessman and political player the digital edition archive accounts! Wealth as being a net worth of $ 2.6 million user consent to. Their wealthy father on your website your consent get beyond the fact that her husband that would. Cookies to improve your experience while you navigate through the website to function properly LLC! Rebated 95 % of the states political figures, was 87 he was to... The digital edition archive Northwest, Suite 400 Nusinov said Thursday his clients were with! Between the businessmans descendants and his second wife the way to reach here was not easy at.! Paterakis Sr.s involvement in politics wasnt without controversy his probate estate user prior! Theres profit to be some amount of money that would make this away... Ensures basic functionalities and security features of the buildings owners of any future profit-sharing worth $.. Share would have been one third of his estate at age 87, was an Baltimore... Money that would free the buildings owners of any future profit-sharing orchestrates $ in... Pilot, or payment in lieu of taxes, rebated 95 % of the buildings property taxes for years! Because of Johns age and ill health, according to the complaint Paterakis involvement. To also pursue those issues in court she was not easy at all via....