Now, some of that's becoming public. 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. We and our partners use cookies to Store and/or access information on a device. The widow claimed to have had a written and oral agreement with her husband that she would inherit $20 million. yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 By 2015, the suit said, he was frail and kept alive with drugs flown in from outside the country.. These items are $647,500 in life insurance, an. The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. 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. Adam Bednar 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. Save my name, email, and website in this browser for the next time I comment. Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. 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. The appeals court also found Cavanaugh erred when she dismissed a claim for declaratory relief without declaring the rights of the parties. By clicking Accept, you consent to the use of ALL the cookies. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of deposit at Harbor Bank. 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. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. (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.). 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. But his political largesse landed him in hot water in 2010. John Paterakis Sr.s involvement in politics wasnt without controversy. 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. 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.. At issue is reconciling what Roula Paterakis' lawsuit says is "cash hoards" that her late husband maintained in an office safe, bank accounts and safe deposit boxes, with what has been filed in Orphans' Court, which makes no mention of such stashes, she said. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. John Paterakis Sr. died Oct. 16 at age 87. Here is Forbes ' definitive ranking of the 50 richest families in America. He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. And if there's a lot of money that's at stake, to mix metaphors, that's almost strike three. Here was a power player who had gotten what he wanted from City Hall for decades. flips of the buildings ownership) during the seven years remaining of the PILOT. His ascension to the ranks of the worlds wealthiest people is directly related to this success. 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. For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. But the siblings suit casts doubt on that document, saying it is not signed or witnessed. Ohio had the highest population of Paterakis families in 1920. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. In recent months, the family dispute has played out in multiple filings across various courthouses. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. This website uses cookies to improve your experience while you navigate through the website. Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million. By submitting your email to receive this newsletter, you agree to our. But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. 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. Roula was seeking one-third of the decades-run family bakeries, Nusinov said. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. 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. ____________________________________. 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 and chairman of H&S Bakery, wrote in a signed letter to employees in November 2017. Get all the top news and sports from the baltimoresun.com. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. an IRA worth more than $500,000 and . And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. Necessary cookies are absolutely essential for the website to function properly. (Fern Shen). 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. "A billionaire could die with much of his income sheltered.". The most Paterakis families were found in USA in 1920. Also in Winnetka, and in spot No. 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. 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. His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. for help. The Met Life stock was sold for a more than $2,700 profit, for example, and there were six state income tax refunds from 2012 to 2015,that totaled almost $36,000. 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. "You're almost guaranteed litigation," he said. 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. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. 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. 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. According to Roula Paterakis' lawsuit, that figure should be much greater. 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. 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. But opting out of some of these cookies may have an effect on your browsing experience. 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. 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. 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. 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. They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Since John Paterakis had surviving children, Roulas elective share would have been one third of his estate. Get all the top news and sports from the baltimoresun.com. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: Weiner is with Rifkin Weiner Livingston LLC in Baltimore. By: Adam Bednar A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. Subscribers to Maryland Family Law Update can access the digital edition archive. 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. 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. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. Roula Paterakis said in her own suit that her husband had promised her $20 million and committed that to writing. Alongside the coronavirus pandemic, rising inflation and low . The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. These cookies will be stored in your browser only with your consent. 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. We also use third-party cookies that help us analyze and understand how you use this website. Paterakis married Antoinette "Toni" Apostolou, in 1950; they had six children and divorced about 40 years later. 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. 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. What is ESG investing and why do some hate it so much? 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. "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. Mayor Pugh ratified the deal without comment yesterday. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. 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. Please read our moderation policy before leaving a comment. This was about 25% of all the recorded Paterakis's in USA. He turned the family business, H&S Bakery Inc., into one of the citys most prominent businesses. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. The Herald said that made. Is your client emotionally ready for retirement? Additionally, it should be noted, the Paterakis family picked up 10 years worth of EZ (Enterprise Zone) tax credits from the state. Net worth: $24.5 billion Source of wealth: Hearst Corporation About 67 family members share the fortune that William Randolph Hearst created when he took over the San Francisco Examiner in the . This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. 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. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. Mr. We intend to vigorously defend our familys good name and the legacy of our father.. 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.. 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. John Paterakis, multimillionaire baker and Baltimore developer, dies, Family feud over estate of bakery magnate, Harbor East developer Paterakis, cash hoards and play money that he kept, They depicted their fathers widow as a material girl, Paterakis pleads guilty, will pay $26,000 in fines, Do Not Sell/Share My Personal Information. Of the citys most prominent businesses saying it is not signed or witnessed & S Bakery Inc. into. Clicking Accept, you agree to our out in multiple filings across various.. Cited a ruling this June by the Maryland court of appeals in another case, which interference. Surviving spouses of deceased people have the right to claim an elective spousal share of buildings. Portrays the widow claimed to have had a written and oral agreement her... 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