John Paterakis in an undated photograph at a family reception. He turned the family business, H&S Bakery Inc., into one of the citys most prominent businesses. Washington, District of Columbia 20015. This category only includes cookies that ensures basic functionalities and security features of the website. After his ban was finished, according to Marylands campaign finance database, he resumed making political contributions. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. The way to reach here was not easy at all. 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. Roula Paterakis is gratified that she will now have her day in court so that she can pursue this substantial cause of action the interference with the $20 million promise, said her attorney, Arnold M. Weiner. yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 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. 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. With this distraction put to bed, the Paterakis family will continue to honor John Paterakis true testamentary wishes and his legacy of supporting Baltimore.. 3/1/23 UPDATE: Following publication of this story, the Board of Estimates deferred action on the price increase. 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. You are providing the support to help a marginal project to be viable.. Paterakis married Antoinette "Toni" Apostolou, in 1950; they had six children and divorced about 40 years later. Please read our moderation policy before leaving a comment. The suit said John Paterakis intended for her to receive the Timonium house where they lived, its furnishings, an IRA of more than $500,000, a life insurance benefit of $647,500 and $250,000 in cash. June 28, 2018. 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. Ohio had the highest population of Paterakis families in 1920. These cookies do not store any personal information. 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 . Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of deposit at Harbor Bank. 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. So theyre buying the city out cheaply.. 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. 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. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. By clicking Accept, you consent to the use of ALL the cookies. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) Paterakis was fined $25,000 and banned from making political contributions until 2012. If the Circuit Court reassessed and found Roula Paterakis was indeed entitled to those funds her share would amount to about 30% of the total after-estate expenses, such as legal fees. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. for help. 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. 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. The Herald said that made him the 39th richest Greek-American in the country. I cant tell you how grateful I am to be wrong., Tagged with: estate family H&S Bakery harbor east John Paterakis lawsuit. But his political largesse landed him in hot water in 2010. His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. 2017 - 2023 Tobin OConnor Concino P.C. Please read our moderation policy before leaving a comment. However, his political largesse landed him in trouble in 2010. 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. When John Paterakis died, the value of his assets that went through probate was only $200,000, but his net worth was nearly a billion dollars, if not more. But opting out of some of these cookies may have an effect on your browsing experience. Judge Colleen Cavanaughrejectedclaims Wednesday by Roula Paterakis of rights to the estate, beyond what was bequeathed to her, including H&S Bakery andHarbor East Development Group. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. He was 87. (1213people.com). He turned the family business, H&S Bakery Inc., into one of the city's most. These cookies will be stored in your browser only with your consent. [John Paterakis, multimillionaire baker and Baltimore developer, dies]. John Paterakis Sr. is inducted into the Baltimore Suns Business and Civic Hall of Fame last June at the Center Club. 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. 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. 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. (The Daily Record/File Photo). 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. "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. 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. You dont do these deals if theres profit to be made. The lawsuit was docketed in Baltimore County Circuit Court as Roula Paterakis v. William J. Paterakis et al., No. 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. Has it ever occurred to the BDC to say, We cant solve every problem you have, Mr. Continue with Recommended Cookies, Your email address will not be published. In life as in death, John Paterakis' wealth is not publicly known. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. content for publishing on our website. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. "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. After his death, an inventory of his estate conducted by his children valued it at less than $200,000. For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. 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.. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. Is your client emotionally ready for retirement? 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. (UPDATE: A private service will be held on Thursday, October 20.). 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. (See below the list for the full methodology.) 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. 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. By: Steve Lash 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. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. Roula Paterakis will receive what she was left as either a beneficiary or co-owner when John Paterakis died on Oct. 16, 2016, at age 87. (Fern Shen). 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. 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.. Arnold Weiner, a lawyer for Roula Paterakis, said his client was disappointed in the ruling and reviewingher options as to her next steps. In a court filing, the family called Roula Paterakis accustomed to extravagant living and described her as having latched on to a wealthy divorced man and pressured a weak and increasingly confused man into a hastily arranged marriage. 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. These cookies will be stored in your browser only with your consent. Judge rules against second wife in John Paterakis Sr. estate dispute, Video Series: Off the Record with Sloane Brown, Cybersecurity experts warn lack of urgency to warnings is greatest threat, Companies update the office to lure employees back from home, Eastern Shore focused on highlighting economic diversity, Washington metro area becoming economic driver for Maryland, Baltimore metro area sees economic swings across sectors, DEVIN BATTLEY and LINDBERGH PARK OWNERS ASSOCIATION v. MONTGOMERY COUNTY, MARYLAND, IN THE MATTER OF THE PETITION OF MICHAEL POOL, Law Digest -- 4th US Circuit -- Feb. 23, 2023, YOUR CALIFORNIA PRIVACY RIGHTS/PRIVACY POLICY, Marris Hoffee and Jamie Ferguson | Mid-Shore Pro Bono, Sheila McDonald, Marciel Rojas Rosario, Derek L. Simmons, Chick Zoll and Michael Latimer | Board of Child Care. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. To purchase a reprint of this article, contact [emailprotected]. 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. The battle over the Paterakis fortune represents the worst-case scenario as far as probate disputes, but even a dispute over a smaller estate can be stressful. Or the Pugh administration could have terminated the PILOT agreement with the Paterakis family. We intend to vigorously defend our familys good name and the legacy of our father.. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. 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. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. We express no view as to whether it does or does not, the special appeals court opinion said. By 2015, the suit said, he was frail and kept alive with drugs flown in from outside the country.. And it will be downright stupendous for the Paterakis clan. The lawsuitalso accused Roula Paterakis of berating and belittling John Paterakis Sr. 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. The dueling lawsuits expose a rift between the businessmans descendants and his second wife. John Paterakis, whose father started the bakery in a rowhouse with business partner Harry Tsakalos in 1943, grew it into a massive operation with about $800 million in annual revenue and 2,500 . Tagged with: estates and trusts H&S Bakery John Paterakis. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. He bought a largely industrial swath of land on the east side of the Inner Harbor, close to the H&S Bakery in Fells Point, and developed it into the glitzy Harbor East neighborhood. Having assets in a trust, and not in the estate that is subject to probate, is not unusual, especially for wealthy people. But it found Cavanaugh misjudged when she ruled similarly on claims involving allegations Paterakis children removed cash from safes and deposit boxes in a bid to hide assets. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. 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. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. This website uses cookies to improve your experience while you navigate through the website. 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. Your email address will not be published. But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. View Guidelines. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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. But his political largesse landed him in hot water in 2010. 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. A deals a deal. But there is usually great motivation to handle any disputes without going to court, he said, both to keep from airing any dirty laundry and to preserve as much wealth as possible from going through an expensive legal battle. In June 2018 Cavanaugh rejected claims by Roula Paterakis of rights to the estate, including H&S Baker and Harbor East Development Group, beyond what was bequeathed to her. 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. 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. They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. That makes the 650,000 square-foot property worth about $312 million. All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. John Paterakis Sr.s involvement in politics wasnt without controversy. Any cash a person keeps around must be reported in an estate inventory, she said. It is mandatory to procure user consent prior to running these cookies on your website. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. 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. There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. Right to claim an elective spousal share of the website procure user consent prior running. 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