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. Also in play is $570,000 that John Paterakis daughters, Smith and Karen Phillipou, took from his safe deposit boxes while he was hospitalized in December 2013. 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. 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. [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. Daily Record Business Writer But CBRE wont do the deal with the profit-sharing provision intact. 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. But the siblings suit casts doubt on that document, saying it is not signed or witnessed. 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. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. You are providing the support to help a marginal project to be viable.. We express no view as to whether it does or does not, the special appeals court opinion said. 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. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. 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. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. 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. But his political largesse landed him in hot water in 2010. You also have the option to opt-out of these cookies. 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. By: Special to The Daily Record 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. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. These cookies will be stored in your browser only with your consent. According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. This category only includes cookies that ensures basic functionalities and security features of the website. 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 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.. An example of data being processed may be a unique identifier stored in a cookie. Despite his low-key style and casual attire, he was the indisputable patriarch of Baltimores Greektown community and its suburban enclaves in Harford County and was a major benefactor to many charities and the Greek Orthodox church. But William Paterakis and Venice Smith say in their newly filed complaint that their fathers estate planning was lawful, and took place before he married his second wife. Additionally, it should be noted, the Paterakis family picked up 10 years worth of EZ (Enterprise Zone) tax credits from the state. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. Daily Record Legal Affairs Writer (Fern Shen), Developer Paterakis orchestrates $130,000 in campaign contributions to Sheila Dixon. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. Nusinov called the handwritten document suspect at best, characterizing it as illegible and having no legal validity.. Roula seeks to undermine John Paterakis's careful, legitimate estate and business succession planning. (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.). By some estimates, Paterakis owned assets valued at more than $1 billion. John Paterakis in an undated photograph at a family reception. 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. 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. 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. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. The most Paterakis families were found in USA in 1920. Alongside the coronavirus pandemic, rising inflation and low . 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. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. "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.". Walton Family . 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. 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. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. (Karen Jackson/Baltimore Sun). The Herald said that made. In 1920 there were 2 Paterakis families living in Ohio. His rise to prominence has resulted from his/her dedication to hard work. 2017 - 2023 Tobin OConnor Concino P.C. 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. 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. 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. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. 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 amount that leaves in dispute is about $570,000. The consent submitted will only be used for data processing originating from this website. This strategy changed when H&S decided to put the building on the market. Three others are also named in the suit. "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. 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. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. While John Paterakis, for all his business and civic prominence in Baltimore, lived a largely private life, the suits filed by his widow and now his children since his death expose much of what they claim was happening behind the scenes. We also use third-party cookies that help us analyze and understand how you use this website. 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. Paterakis married Antoinette "Toni" Apostolou, in 1950; they had six children and divorced about 40 years later. Get breaking news, exclusive stories, and money- making insights straight into your inbox. Mayor Pugh ratified the deal without comment yesterday. 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 next day she went online and cavalierly replaced it all at Johns expense.. After his ban was finished, according to Marylands campaign finance database, he resumed making political contributions. In general, Paterakis was involved in local and . Distributed by Tribune Content Agency, LLC. Required fields are marked *. 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. 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. 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. With this distraction put to bed, the Paterakis family will continue to honor John Paterakis true testamentary wishes and his legacy of supporting Baltimore.. Tax breaks for developers economic development or corporate welfare? Tagged with: estates and trusts H&S Bakery John Paterakis. Up/down is compared to their net worth in 2015. Roula was seeking one-third of the decades-run family bakeries, Nusinov 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. ____________________________________. 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. 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. 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. This website uses cookies to improve your experience while you navigate through the website. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. 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. 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. 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. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. 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. Todays action (by Cavanaugh) represents complete vindication and clears the Paterakis family name, Nusinov stated via email. 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 . In life as in death, John Paterakis' wealth is not publicly known. "If there is explicit animosity already, that's a larger red flag. The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. 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. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. "A billionaire could die with much of his income sheltered.". Loving father of Stephen Paterakis and his wife Vickie, William Paterakis and his late wife Deborah, Vanessa Smith and her husband Frederick, John Paterakis, Jr. and his wife Emily, Charles. 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. 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. That there would be a squabble over how that is dispersed is "not surprising" given the family dynamics, Tanouye said. Smith said their father had instructed them to do that if he ever became seriously ill because it was intended for them. Please read our moderation policy before leaving a comment. John Paterakis Sr.s involvement in politics wasnt without controversy. This law firm website is managed by MileMark Media. 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. John Paterakis Sr.s involvement in politics wasnt without controversy. And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. An obituary in the Baltimore Sun said John Paterakis Sr. grew his parents' bakery business, H&S Bakery, into one of the largest bakers on the East Coast. We intend to vigorously defend our familys good name and the legacy of our father.. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. Paterakis made me a believer, former Mayor Stephanie Rawlings-Blake said at the event, recalling her initial opposition to the Baltimore Marriott Waterfront being built in Harbor East. Get all the top news and sports from the baltimoresun.com. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Eventually John Paterakis Sr. invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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. This was about 25% of all the recorded Paterakis's in USA. yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 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. The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. Any cash a person keeps around must be reported in an estate inventory, she said. So theyre buying the city out cheaply.. 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