But it would also end seven more years of tax breaks worth at least $28 million to H&S and CBRE and probably more if the state tax department, which currently assesses the high-rise at $160 million, gets wind of its true market value. 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. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. 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. But the siblings suit casts doubt on that document, saying it is not signed or witnessed. 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. Her suit described scenes of turmoil before Paterakis death and afterward, of fights breaking out in Harbor East restaurants and the siblings helping themselves to their fathers cash hoards and so-called play money. The siblings fired back, characterizing her as a spendthrift who once charged two Hermes Birkin handbags to her hotel room in Las Vegas and pressured him into a hasty wedding. The Brew has learned that John Paterakis Sr., Baltimores billionaire bakery mogul, real estate developer and political powerbroker, died today at Johns Hopkins Hospital. 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. She was not able to get beyond the fact that her allegations were frivolous, he said of Roula Paterakis. 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. 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. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. A Baltimore County judge has dismissed the majority of a lawsuit brought by the second wife of John Paterakis Sr. accusing his familyof withholding her rightful share of the baking magnate and developers estate. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. 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. A judge dismissed much of Roula Paterakis 's original. "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.". 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. But opting out of some of these cookies may have an effect on your browsing experience. 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. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) Subscribers to The Daily Record can access the digital edition archive. 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. "There has to be some amount of money that would make this go away. This was about 25% of all the recorded Paterakis's in USA. Calling the second wife of John Paterakis a material girl, two of his children from his first marriage filed suit against her in Baltimore County Circuit Court on Thursday alleging she took advantage of the ailing bakery magnate and developer to enrich herself. "I think it's going to be messy," said Angela Vallario, an associate professor at the University of Baltimore Law School who specializes in trusts and estates. The most Paterakis families were found in USA in 1920. "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. 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. A subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. 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. Since John Paterakis had surviving children, Roulas elective share would have been one third of his estate. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. In life as in death, John Paterakis' wealth is not publicly known. Continue with Recommended Cookies, Your email address will not be published. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. 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. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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? 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. These cookies do not store any personal information. 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.. 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. 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. They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. 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. 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. The suit filed by his two children, who in his will he named as personal representatives of his estate, lists their four siblings and subsequent generations as interested persons.. John Paterakis Sr. died Oct. 16 at age 87. 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 was also a major donor to many of the states political figures, was 87. On Oct. 11, she sought another three-month extension, citing a dispute over the estate. In life as in death, John Paterakis' wealth is not publicly known. The opinion said the trial court should consider whether the recent Court of Appeals recognition of intentional interference applies to Roula Paterakis claim. 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. According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. 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. The widow agreed, as part of the settlement, that John Petrakis had held $570,000 in the safety deposit boxes and that he had given this money as gifts to his children and was not part of his estate. The Brew has written extensively about the generous contributions made by the Paterakis family, first to former Mayor Dixon, then to Pugh, during the last election cycle. [John Paterakis, multimillionaire baker and Baltimore developer, dies]. 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. 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. According to Roula Paterakis' lawsuit, that figure should be much greater. "There are legitimate ways to shelter income," said Bobby Waldrup, accounting professor and interim associate dean of the Sellinger School of Business at Loyola University Maryland. This category only includes cookies that ensures basic functionalities and security features of the website. 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. Necessary cookies are absolutely essential for the website to function properly. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. His ascension to the ranks of the worlds wealthiest people is directly related to this success. 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. A complaint from the family filed in Baltimore County in late 2017 called Roula Paterakis accustomed to extravagant living. It then went on to describe her as having latched on to a wealthy divorced man and pressured a weak and increasingly confused man into a hastily arranged marriage. var _Hasync=_Hasync||[];_Hasync.push(['Histats.start','1,4553220,4,511,95,18,00000000']);_Hasync.push(['Histats.fasi','1']);_Hasync.push(['Histats.track_hits','']);(function(){var hs=document.createElement('script');hs.type='text/javascript';hs.async=true;hs.src=('//s10.histats.com/js15_as.js');(document.getElementsByTagName('head')[0]||document.getElementsByTagName('body')[0]).appendChild(hs);})(); The name of John Paterakis is now a globally renowned individual. 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. By 2015, the suit said, he was frail and kept alive with drugs flown in from outside the country.. The widow of John Paterakis, the bakery magnate and Harbor East developer, has withdrawn her claim to a greater share of what she said was his $1 billion fortune, leaving the bulk of it in the hands of the children from his first marriage. Subscribers to Maryland Family Law Update can access the digital edition archive. 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. It is not. 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. 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. (The Daily Record/File Photo). 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. He turned the family business, H&S Bakery Inc., into one of the city's most. 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. [Paterakis pleads guilty, will pay $26,000 in fines]. 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. 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. Nowadays, people have started supporting his work and other things. Subscribers to The Daily Record can access the digital edition archive. Paterakis was fined $25,000 and banned from making political contributions until 2012. 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. Tax breaks for developers economic development or corporate welfare? 2017 - 2023 Tobin OConnor Concino P.C. 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. We intend to vigorously defend our familys good name and the legacy of our father.. 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 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. In July, she requested and received 90 additional days to decide if -- rather than accepting what she was left in the will -- she would elect to take one-third of his estate as allowed by Maryland statute. This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. So theyre buying the city out cheaply.. 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. 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. A deals a deal. And it will be downright stupendous for the Paterakis clan. (1213people.com). It is mandatory to procure user consent prior to running these cookies on your website. These cookies will be stored in your browser only with your consent. 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. Smith said their father had instructed them to do that if he ever became seriously ill because it was intended for them. 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. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. The agreement and judgment was a complete victory, said Jeffrey E. Nusinov, who represented William J. Paterakis and Venice Paterakis Smith, the siblings who were named by their father as personal representatives of his estate. We intend to vigorously defend our familys good name and the legacy of our father.. This category only includes cookies that ensures basic functionalities and security features of the website. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. 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. She has filed a claim to one-third of that estate as allowed by statute. Todays action (by Cavanaugh) represents complete vindication and clears the Paterakis family name, Nusinov stated via email. 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. 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. Daily Record Business Writer Crumbs being relative, of course, with the Court of Special Appeals sending the issue of the alleged $20 million promise back to the lower court for review. According to his wife Roula, with whom he was in a relationship since 2001 whom he married about a year before his death, he also kept millions of dollars in cash in safes located on his real estate properties. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. 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. By some estimates, Paterakis owned assets valued at more than $1 billion. 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. 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. "If there is explicit animosity already, that's a larger red flag. His children also accused Roula Paterakis of berating and belittling John Paterakis Sr. The lawsuit was docketed in Baltimore County Circuit Court as Roula Paterakis v. William J. Paterakis et al., No. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. 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. The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. 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 country the buildings occupancy, according to Roula Paterakis and it will downright. Your browser only with your consent from $ 216 received from Massachusetts 2012. # x27 ; s in USA is directly related to this success Paterakis families were found in USA 1920. Our familys good name and the legacy of our father, people have started supporting work! 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