This week, the Baltimore Sun announced that Mrs. Paterakis has withdrawn her lawsuit against her stepchildren and a business associate of her husbands over her inheritance. 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. 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. Moores State of the State speech, Podcast: Angie Barnett, Better Business Bureau of Greater Maryland, Off the Record with Sloane Brown: Rene Hutchins, University of Maryland Carey School of Law, 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, Find out what attorneys think of the economics of the business in our Maryland Lawyers Confidence Index, Get assistance for your case with litigation support, See digested appellate court opinions in Law Digest, 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. However, his political largesse landed him in trouble in 2010. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. 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. And it will be downright stupendous for the Paterakis clan. Other family members and associates include John Paterakis, Karen Philippou, Annette Paterakis, Antoinette Paterakis and Charles Paterakis. Get your evening news in your e-mail inbox. We will see if Roula continues to pursue the crumbs.. We intend to vigorously defend our familys good name and the legacy of our father.. 3/1/23 UPDATE: Following publication of this story, the Board of Estimates deferred action on the price increase. (You Tube), There was, however, a proviso in the PILOT agreement that said the city would receive 25% of excess net proceeds after the developer achieves a 15% cumulative return on equity.. In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. 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. 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. June 28, 2018. This was about 25% of all the recorded Paterakis's in USA. Other assets associated with him, including H&S Bakery and the extensive real estate holdings, are locked up in family trusts. 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. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. Necessary cookies are absolutely essential for the website to function properly. 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. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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. Subscribers to Maryland Family Law Update can access the digital edition archive. 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. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. 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 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 upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. View Guidelines. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. Subscribers to The Daily Record can access the digital edition archive. The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. But Roula Paterakis said her husband objected to their taking the money. 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.. Alongside the coronavirus pandemic, rising inflation and low . 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. 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. By: Adam Bednar Paterakis married Antoinette "Toni" Apostolou, in 1950; they had six children and divorced about 40 years later. This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. 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 the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. 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. 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. Paterakis was widely remembered for his contributions to Baltimore. 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. By: Steve Lash 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. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. Shunning the thought of retirement despite poor health, Paterakis was involved in the expansion of his domain to the east side of Central Avenue with the proposed $170 million "Liberty Harbor East" project. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. 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. 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? In general, Paterakis was involved in local and . The Herald said that made him the 39th richest Greek-American in the country. Three others are also named in the suit. The lawsuit was docketed in Baltimore County Circuit Court as Roula Paterakis v. William J. Paterakis et al., No. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. Todays action (by Cavanaugh) represents complete vindication and clears the Paterakis family name, Nusinov stated via email. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. 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. 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. What is ESG investing and why do some hate it so much? Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. The family alleged Roula, unhappy with the money left to her in the estate which included 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. 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. 2017 - 2023 Tobin OConnor Concino P.C. Additionally, it should be noted, the Paterakis family picked up 10 years worth of EZ (Enterprise Zone) tax credits from the state. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. 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. By: Special to The Daily Record A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. 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. [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. ____________________________________ (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.). His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. This website uses cookies to improve your experience while you navigate through the website. 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 suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. 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. 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 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. 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. All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. 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. CBRE Global Investors is now under contract to buy a large portion of the tower. 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. Funeral arrangements have not yet been announced by the family, who could not be reached for comment. Paterakis was fined $25,000 and banned from making political contributions until 2012. She was not able to get beyond the fact that her allegations were frivolous, he said of Roula Paterakis. content for publishing on our website. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. Paterakis died on October 16 at age 87. This category only includes cookies that ensures basic functionalities and security features of the website. The Brew has learned that John Paterakis Sr., Baltimores billionaire bakery mogul, real estate developer and political powerbroker, died today at Johns Hopkins Hospital. John Paterakis involvement in politics wasnt without controversy. 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