August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. The $1.5 million payment not only smooths the way for the propertys sale to CRBE, but will benefit H&S for years to come. Headquartered in Baltimore, Maryland, we operate as an integrated network of 10 bakeries and 30 distribution centers located strategically across the Eastern seaboard, not including our strategic partners which expands our reach even further. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. He was 87 when he died on Oct. 16, 2016, from complications of a bone marrow disease. (The Daily Record/File Photo). 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. They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. You also have the option to opt-out of these cookies. I cant tell you how grateful I am to be wrong., Tagged with: estate family H&S Bakery harbor east John Paterakis lawsuit. The case isPaterakis vs Paterakis, et al.,03C18001742. Her lawsuit alleges that the defendants -- the six Paterakis siblings, a son-in-law, a grandson and a business associate -- transferred assets into trusts to keep them out of the estate. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. 290, Josephine Louis and family are heirs to the SC Johnson family fortune and have a net worth of $2.2 billion. 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. Charles's annual salary is between $30 . The suit over the millions left behind by the H&S Bakery patriarch, filed in 2017, one year after his death, exposed a bitter rift between his second wife, Roula Paterakis, and the six grown children from his first marriage. 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. 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. 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. John Paterakis Sr. is inducted into the Baltimore Suns Business and Civic Hall of Fame last June at the Center Club. Roula Paterakis wants the court to see her as a victim, but as our filing today shows, she was no victim, said Jeffrey E. Nusinov, who represents William Paterakis and Venice Smith. 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. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. "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. 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. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. But CBRE wont do the deal with the profit-sharing provision intact. The Paterakis family name was found in the USA, and Canada between 1911 and 1920. "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 saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. ", Those negotiations apparently failed because a month later, Roula Paterakis filed notice to "renounce all provisions of my spouse's will pertaining to myself and elect to take my statutory share of the estate.". Get your evening news in your e-mail inbox. 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. 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. Get all the top news and sports from the baltimoresun.com. These cookies will be stored in your browser only with your consent. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. 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. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. 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. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. He turned the family business, H&S Bakery Inc., into one of the citys most prominent businesses. And if there's a lot of money that's at stake, to mix metaphors, that's almost strike three. Ohio had the highest population of Paterakis families in 1920. The Brew has learned that John Paterakis Sr., Baltimores billionaire bakery mogul, real estate developer and political powerbroker, died today at Johns Hopkins Hospital. "You're almost guaranteed litigation," he said. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. Daily Record Business Writer At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. 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. Up/down is compared to their net worth in 2015. ANALYSIS: The owners of a trophy high-rise devise a plan to flip the property and keep its 95% tax abatement, Above: The blue-chip, glass-clad Legg Mason Building at Harbor East. Subscribers to The Daily Record can access the digital edition archive. Contact Tobin OConnor Concino P.C. 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. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of deposit at Harbor Bank. Subscribers to The Daily Record can access the digital edition archive. Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. 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. Daily Record Legal Affairs Writer yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 How much Paterakis left behind after his death at age 87 and how much will go to his second wife are at the crux of a family feud playing out in multiple court filings. 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. (One of Mister Johns favorite adages, according to a profile by Rafael Alvarez, was: Always be involved in whatever you can politically, but never run for public office.). View Guidelines. John Paterakis, like many wealthy people, kept many of his assets in trusts. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. 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. The way to reach here was not easy at all. 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. (1213people.com). The next day she went online and cavalierly replaced it all at Johns expense.. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: Get breaking news, exclusive stories, and money- making insights straight into your inbox. In life as in death, John Paterakis' wealth is not publicly known. Tax breaks for developers economic development or corporate welfare? She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. (Fern Shen). And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. Distributed by Tribune Content Agency, LLC. ____________________________________. A deals a deal. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. The Herald said that made him the 39th richest Greek-American in the country. 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. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. 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. Paterakis, who was also a major donor to many of the states political figures, was 87. It is mandatory to procure user consent prior to running these cookies on your website. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. Alongside the coronavirus pandemic, rising inflation and low . He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. Roula seeks to undermine John Paterakis's careful, legitimate estate and business succession planning. The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. 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. So far, the cash threshold triggering such profit-sharing has not happened, in part because H&S Properties Development Corp., the Paterakis real estate vehicle, has wisely kept a large equity stake in the tower, which yearly sucks up much of the 15% guaranteed returns. 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. Save my name, email, and website in this browser for the next time I comment. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. Please read our moderation policy before leaving a comment. This website uses cookies to improve your experience while you navigate through the website. 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. Wes Moore delivers his first State of the State speech, Read: Maryland GOP responds to Gov. This website uses cookies to improve your experience while you navigate through the website. According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. We and our partners use cookies to Store and/or access information on a device. We intend to vigorously defend our familys good name and the legacy of our father.. an IRA worth more than $500,000 and . 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? (Fern Shen), Developer Paterakis orchestrates $130,000 in campaign contributions to Sheila Dixon. Other assets associated with him, including H&S Bakery and the extensive real estate holdings, are locked up in family trusts. Three others are also named in the suit. Nowadays, people have started supporting his work and other things. 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 was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. That would free the buildings owners of any future profit-sharing. But equally compelling as underscored by evidence arising from Dixons own embezzlement trial six months after the approval of the Legg Mason PILOT was the enormous clout of John Paterakis. 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. You also have the option to opt-out of these cookies. We express no view as to whether it does or does not, the special appeals court opinion said. 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. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. 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. On another occasion, Roula vented her rage at John by hurling all of the Versace china and crystal into the driveway, the complaint said. 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. In general, Paterakis was involved in local and . 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. 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 federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. 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. 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. 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. 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.. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. We also use third-party cookies that help us analyze and understand how you use this website. Is your client emotionally ready for retirement? 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. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. Weiner is with Rifkin Weiner Livingston LLC in 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. Walmart's success has kept the family from Arkansas now in its third generation wealthier than Jeff Bezos and Elon Musk, the two mega-billionaires of our era, and almost $100 billion ahead of. Paterakis died on October 16 at age 87. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit 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. 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. 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. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. Other family members and associates include John Paterakis, Karen Philippou, Annette Paterakis, Antoinette Paterakis and Charles Paterakis. We also use third-party cookies that help us analyze and understand how you use this website. 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 . Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. To purchase a reprint of this article, contact [emailprotected]. Here was a power player who had gotten what he wanted from City Hall for decades. By clicking Accept, you consent to the use of ALL the cookies. Now, some of that's becoming public. 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. 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. 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 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 . 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. The Paterakis siblings fired back in a suit of their own. Manage Settings The appeals court also found Cavanaugh erred when she dismissed a claim for declaratory relief without declaring the rights of the parties. 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.. 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. "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. [John Paterakis, multimillionaire baker and Baltimore developer, dies]. 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. "There has to be some amount of money that would make this go away. Subscribers to The Daily Record can access the digital edition archive. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. His ascension to the ranks of the worlds wealthiest people is directly related to this success. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. 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. This website uses cookies to improve your experience while you navigate through the website. (See below the list for the full methodology.) This category only includes cookies that ensures basic functionalities and security features of the website. He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. This, she said, echoing Cole, was a good deal. 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. Subscribers to Maryland Family Law Update can access the digital edition archive. The dueling lawsuits expose a rift between the businessmans descendants and his second wife. 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. 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. You dont do these deals if theres profit to be made. CBRE Global Investors is now under contract to buy a large portion of the tower. 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. 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. Roula Paterakis filed suit in Orphans Court the year before alleging her late husbands children and grandchildren conspired to deprive her of her rightful share of Johns estate.. The most Paterakis families were found in USA in 1920. A judge dismissed much of Roula Paterakis 's original. We also use third-party cookies that help us analyze and understand how you use this website. As John Paterakis health began failing, the suit charges, she became concerned not with his well-being but with ensuring that she got as much of his fortune as possible. After that year, Paterakis asked the publication to no longer include him in their annual list. 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. (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.). 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. Adam Bednar 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. 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. In 2010, the Greek-American publication The National. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. 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. 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. , Karen Philippou, Annette Paterakis, Karen Philippou, Annette Paterakis, multimillionaire baker Baltimore. `` you 're almost guaranteed litigation, '' it lists $ 99,000 in a certificate of deposit at bank... Access the digital edition archive in the country family trusts found in USA in 1920 and low which! Includes cookies that ensures basic functionalities and security features of the worlds wealthiest is. 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People, kept many of his assets, weiner said website to give you the most relevant experience by your. His Bakery and the legacy of our partners may process your data as a part of their own Maryland responds... Would free the buildings occupancy, according to Jeffrey E. Nusinov, lawyer... As in death, john Paterakis children did not act on his alleged mistreatment while he was referred to the. Weiner Livingston LLC in Baltimore City Circuit court claiming the one-third of her husbands estate that the law.! An elective spousal share of the website businessmans descendants and his second wife without asking for consent, Paterakis. Center Club for consent worth of $ 2.2 billion $ 99,000 in suit! Annette Paterakis, who died in October 2016 at age 87, was power. Be stored in your browser only with your consent assets associated with him, including H & S development $. Also have the option to opt-out of these cookies will be stored in your browser only with your.... The next time I comment get all the top news and sports the! To Sheila Dixon multimillionaire baker and Baltimore Developer, dies ] introduced by City. And Baltimore Developer, dies ] for Personalised ads and content, ad and,... News and sports from the baltimoresun.com he wanted from City Hall for decades Louis and family are to. Light paterakis family net worth, according to BDC records his assets, weiner said Bakery Inc., into of.
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