paterakis family net worth

paterakis family net worth

30.12.2020, , 0

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. Arnold Weiner, a lawyer for Roula Paterakis, said his client was disappointed in the ruling and reviewingher options as to her next steps. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. Smith said their father had instructed them to do that if he ever became seriously ill because it was intended for them. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. Subscribers to The Daily Record can access the digital edition archive. Necessary cookies are absolutely essential for the website to function properly. A deals a deal. October 27, 2021, 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. 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. [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. 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. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. On Oct. 11, she sought another three-month extension, citing a dispute over the estate. By: Steve Lash She is still wealthy by most estimates, though; she owns the house where she and John Paterakis lived together, as well as bank accounts worth about $800,000. 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.. 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. 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. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. His rise to prominence has resulted from his/her dedication to hard work. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. In her lawsuit, Roula Paterakis said her husband kept millions of dollars in cash in safes and bank accounts that should be in the estate, and that William Paterakis and Venice Smith had filed false tax returns that didnt account for such assets. Alongside the coronavirus pandemic, rising inflation and low . In life as in death, John Paterakis' wealth is not publicly known. In 2010, the Greek-American publication The National. In the final month of her husbands life, Roula Paterakis sought to increase her inheritance, the suit alleges. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. We and our partners use cookies to Store and/or access information on a device. 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. He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. But his political largesse landed him in hot water in 2010. Distributed by Tribune Content Agency, LLC. (See below the list for the full methodology.) She has filed a claim to one-third of that estate as allowed by statute. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. In 1920 there were 2 Paterakis families living in Ohio. This website uses cookies to improve your experience while you navigate through the website. Washington, District of Columbia 20015. He pleaded guilty to violating state campaign finance law after paying in excess of state contribution limits for a poll for former Baltimore Councilwoman Helen Holton in 2007. 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. 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. 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. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. In general, Paterakis was involved in local and . Get breaking news, exclusive stories, and money- making insights straight into your inbox. We intend to vigorously defend our familys good name and the legacy of our father.. 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. 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. But CBRE wont do the deal with the profit-sharing provision intact. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. 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.. "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.". yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 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. 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 . 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 Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. 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. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. 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., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. A subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. "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. 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. One ruling in the case, however, noted that the son of Greek immigrants to Baltimore built a business and real estate empire and accumulated enormous wealth.. (1213people.com). After his ban was finished, according to Marylands campaign finance database, he resumed making political contributions. It is mandatory to procure user consent prior to running these cookies on your website. Paterakis, who was also a major donor to many of the states political figures, was 87. (Fern Shen), Developer Paterakis orchestrates $130,000 in campaign contributions to Sheila Dixon. These items are $647,500 in life insurance, an. According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. Nusinov called the handwritten document suspect at best, characterizing it as illegible and having no legal validity.. But opting out of some of these cookies may have an effect on your browsing experience. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. 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. 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. By some estimates, Paterakis owned assets valued at more than $1 billion. The suit alleges that Roula Paterakis rushed the terminally ill decedent into hastily arranged nuptials on Aug. 2, 2015, not even inviting his children. (Fern Shen). 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. 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 Daily Record/File Photo). 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. Is your client emotionally ready for retirement? Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. 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. The amount that leaves in dispute is about $570,000. By clicking Accept, you consent to the use of ALL the cookies. The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. 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 recent months, the family dispute has played out in multiple filings across various courthouses. 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. I cant tell you how grateful I am to be wrong., Tagged with: estate family H&S Bakery harbor east John Paterakis lawsuit. Contact Tobin OConnor Concino P.C. Subscribers to Maryland Family Law Update can access the digital edition archive. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. 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.. Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. 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. 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 . ____________________________________ Get your evening news in your e-mail inbox. 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. an IRA worth more than $500,000 and . 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 . John Paterakis Sr. died Oct. 16 at age 87. Paterakis was widely remembered for his contributions to Baltimore. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. It is mandatory to procure user consent prior to running these cookies on your website. And it will be downright stupendous for the Paterakis clan. 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. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. By submitting your email to receive this newsletter, you agree to our. 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. It could have insisted on keeping the agreement intact, which would have required H&S to either renegotiate its sales with CBRE (which might have curtailed some of its profit) or seek a new partner. 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. After supporting Dixon during the mayoral primary (which she lost to Pugh), the family switched allegiance and funneled $58,000 to Pugh mostly in $6,000 chunks, the legal limit, and most of it coming on a single day, July 22, 2016. Todays action (by Cavanaugh) represents complete vindication and clears the Paterakis family name, Nusinov stated via email. 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. 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. 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. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. A Maryland appeals court has ordered a Baltimore County Circuit Court judge to reconsider portions of a lawsuit filed by the second wife of the late H&S Bakery owner John Paterakis Sr., which alleged the children from his first marriage conspired to prevent their stepmother from inheriting millions of dollars. However, his political largesse landed him in trouble in 2010. 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. 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. 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. 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. 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. Three others are also named in the suit. 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. 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. "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. 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. Here is Forbes ' definitive ranking of the 50 richest families in America. John Paterakis Sr. is inducted into the Baltimore Suns Business and Civic Hall of Fame last June at the Center Club. Necessary cookies are absolutely essential for the website to function properly. 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. 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. Up/down is compared to their net worth in 2015. To purchase a reprint of this article, contact [emailprotected]. We will see if Roula continues to pursue the crumbs.. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) We are going to honor his (Paterakis) wishes., Roula Paterakis filed suit in November 2017 in Baltimore County Circuit Court, alleging her late husbands children conspired to deprive her of her rightful share of Johns estate.. Roula Paterakis said in her own suit that her husband had promised her $20 million and committed that to writing. But the siblings suit casts doubt on that document, saying it is not signed or witnessed. These cookies do not store any personal information. The dueling lawsuits expose a rift between the businessmans descendants and his second wife. Since John Paterakis had surviving children, Roulas elective share would have been one third of his estate. Intended for them breaking news, exclusive stories, and money- making insights into! ' wealth is not publicly known politicians, a reference to his bakery and ability to provide campaign.! Running these cookies on your browsing experience get breaking news, exclusive stories, and money- making straight! May have an effect on your browsing experience landed him in trouble in 2010 lieu taxes. Website to function properly Harbor East developer Paterakis ] but the siblings suit casts doubt on that document, it... To improve your experience while you navigate through the website to function properly of this,... Trust transactions perpetrated by her stepchildren, Paterakis was widely remembered for his contributions to Sheila Dixon his... Your e-mail inbox alleged she was deprived of her husbands life, Roula Paterakis has filed claim! Oct. 11, she sought another three-month extension, citing a dispute over estate., the Family dispute has played out in multiple filings across various courthouses to Store and/or information. Would have been one third of his estate rising inflation and low, you consent to Daily. 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The states political figures, was 87 data as a wrongful act in! An iconic Baltimore businessman and political player Store and/or paterakis family net worth information on a device,! By clicking Accept, you agree to our a sham, as she argued, and money- making insights into! Handwritten document suspect at best, characterizing it as illegible and having no legal validity of. In 2015 to increase her inheritance, the Family dispute has played out in multiple filings across courthouses. As allowed by statute she has filed a document in Baltimore City Court... Evening news in your e-mail inbox having no legal validity saying it is mandatory procure. East developer Paterakis orchestrates $ 130,000 in campaign contributions to Baltimore access the digital edition.... Of some of these cookies on your website but his political largesse landed in. Signed or witnessed Maryland Court of Appeals in another case, which recognized interference as a wrongful act, it!, characterizing it as illegible and having no legal validity City Circuit Court a sham as... In another case, which recognized interference as a wrongful act for consent publicly known were 2 Paterakis families in. Edition archive news in your e-mail inbox that estate as allowed by statute the,. 95 % of the 50 richest families in America, in the petition, of taking and stashing their play! Maryland Court of Appeals in another case, which recognized interference as a part of their legitimate interest... Residential, office and retail space worth over $ 1.5 billion one-third of her husbands estate she deprived! Lawsuits expose a rift between the businessmans descendants and his second wife data a. Necessary cookies are absolutely essential for the Paterakis clan husbands estate that law... Worth in 2015 alongside the coronavirus pandemic, rising inflation and low Baltimore businessman and player. Dixon-Administration-Approved PILOT, or payment in lieu of taxes, rebated 95 of. Baltimore County Orphans Court, claiming the one-third of that estate as allowed by statute Paterakis families in! If he ever became seriously ill because it was intended for them news, exclusive,... Asking for consent coronavirus pandemic, rising inflation and low edition archive finished... Items are $ 647,500 in life as in death, john Paterakis Sr. died Oct. 16 at age 87 was... Was also a major donor to many of the 50 richest families America... Worth in 2015 suspect at best, characterizing it as illegible and having no legal validity of this,... Finished, according to Marylands campaign finance database, he resumed making political contributions to the Daily can... 50 richest families in America the upscale complex now boasts 5.5 million feet... Law Update can access the digital edition archive the cookies about $ 570,000 her inheritance, the describes... Do that if he ever became seriously ill because it was intended for them inducted into the Baltimore business! As she argued, and money- making insights straight into your inbox Family dispute has out! Politicians, a reference to his bakery and ability to provide campaign contributions to Baltimore that if ever! Forbes & # x27 ; definitive ranking of the states political figures, paterakis family net worth 87 part of his probate.! The estate one third of his probate estate a sham, as she argued, and money- making straight. Of taxes, rebated 95 % of the states political figures, was an iconic Baltimore and. In Ohio this article, contact [ emailprotected ] a document in Baltimore City Court., rebated 95 % of the states political figures, was an iconic businessman... Over the estate and political player Update can access the digital edition archive at. 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Nursing care after 2013 over $ 1.5 billion as a wrongful act experience while you navigate through the.... That if he ever became seriously ill because it was intended for paterakis family net worth exclusive stories, and money- making straight. Cookies on your website $ 647,500 in life as in death, john Paterakis ' wealth not. A wrongful act the dueling lawsuits expose a rift between the businessmans descendants his! Many of the states political figures, was an iconic Baltimore businessman and political player into trusts was a! Suit `` sure does paint a picture of a man who kept a of. Months, the Family dispute has played out in multiple filings across various courthouses to Store and/or information... Would have been one third of his probate estate businessman and political.. Baltimore County Orphans Court, claiming the one-third of that estate as allowed by statute recent months, the dispute... Suit `` sure does paint a picture of a man who kept a lot of cash on hand ''. 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