The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate 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. "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. 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. Now, some of that's becoming public. But subsequent events have overtaken the courts ruling, the opinion said. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. 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 . 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. The dueling lawsuits expose a rift between the businessmans descendants and his second wife. (Fern Shen), Developer Paterakis orchestrates $130,000 in campaign contributions to Sheila Dixon. 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. Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million. But opting out of some of these cookies may have an effect on your browsing experience. To purchase a reprint of this article, contact [emailprotected]. 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. 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. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. 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. 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. Walton Family . Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. 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. By 2015, the suit said, he was frail and kept alive with drugs flown in from outside the country.. Tagged with: estates and trusts H&S Bakery John Paterakis. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. These cookies do not store any personal information. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. (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.. 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. 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 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. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. The Paterakis family name was found in the USA, and Canada between 1911 and 1920. 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. (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.). But his political largesse landed him in hot water in 2010. 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. The complaint is the latest salvo in a family feud over the estate of Paterakis, who transformed his fathers small bakery into a multimillion-dollar conglomerate and an underutilized waterfront parcel into the upscale Harbor East neighborhood. 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. "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. Nusinov called the handwritten document suspect at best, characterizing it as illegible and having no legal validity.. 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. John Paterakis Sr.s involvement in politics wasnt without controversy. Subscribers to The Daily Record can access the digital edition archive. I cant tell you how grateful I am to be wrong., Tagged with: estate family H&S Bakery harbor east John Paterakis lawsuit. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. 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. The most Paterakis families were found in USA in 1920. The opinion said the trial court should consider whether the recent Court of Appeals recognition of intentional interference applies to Roula Paterakis claim. And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. 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 next day she went online and cavalierly replaced it all at Johns expense.. Currently, Stephen is married. But Roula Paterakis said her husband objected to their taking the money. 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. Thus, H&Ss offer of $1.5 million to the city to get rid of the profit-sharing and perhaps more significantly to allow two more change-in-control events (a.k.a. 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. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit The way to reach here was not easy at all. Smith said their father had instructed them to do that if he ever became seriously ill because it was intended for them. On another occasion, Roula vented her rage at John by hurling all of the Versace china and crystal into the driveway, the complaint said. This was about 25% of all the recorded Paterakis's in USA. Alongside the coronavirus pandemic, rising inflation and low . An obituary in the Baltimore Sun said John Paterakis Sr. grew his parents' bakery business, H&S Bakery, into one of the largest bakers on the East Coast. 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. 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. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Manage Settings CBRE Global Investors is now under contract to buy a large portion of the tower. In life as in death, John Paterakis' wealth is not publicly known. But in an opinion filed Thursday, Marylands Court of Special Appeals revived some of Roula Paterakis claims, including one that her husbands children had wrongly interfered with her expected inheritance specifically, a promise he had made to leave her $20 million. These cookies will be stored in your browser only with your consent. According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. A deals a deal. 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. August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. 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. (1213people.com). 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. 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. After his death, an inventory of his estate conducted by his children valued it at less than $200,000. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. 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. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: Paterakis widow ends multimillion-dollar lawsuit against his children, Video Series: Off the Record with Sloane Brown, 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. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. content for publishing on our website. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. John Paterakis in an undated photograph at a family reception. John Paterakis Sr., the risk-taking Baltimore native who built his H&S Bakery into the largest privately owned bakery in the country and redeveloped Harbor East, died Sunday at Johns Hopkins. 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. 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 Nusinov said Thursday his clients were thrilled with the decision. 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. Subscribers to Maryland Family Law Update can access the digital edition archive. But there is usually great motivation to handle any disputes without going to court, he said, both to keep from airing any dirty laundry and to preserve as much wealth as possible from going through an expensive legal battle. She alleges that her husband's cash, assets and "controlling interest in the H&S Bakery enterprise" are worth more than $1 billion and should be part of his estate. By clicking Accept, you consent to the use of ALL the cookies. 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. Paterakis, who was also a major donor to many of the states political figures, was 87. an IRA worth more than $500,000 and . This website uses cookies to improve your experience while you navigate through the website. 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. Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. 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. "You're almost guaranteed litigation," he said. Transfer of assets into trusts was not a sham, as she argued, and Canada between and! In from outside the country, contact [ emailprotected ] Paterakis orchestrates $ 130,000 in campaign to! Only with your consent recognition of intentional interference applies to Roula Paterakis, Bakery magnate and Harbor East,... Assets into trusts was not a sham, as she argued, and his wife, Paterakis... 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