Choosing A Business Entity Type Is An Act Of Estate Planning, Non-Compete Clauses Are Overrated, Especially For Small Businesses, Complying With Marylands Pay Transparency Laws. 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. To purchase a reprint of this article, contact [emailprotected]. The opinion upholds Cavanaughs ruling that Roula Paterakis claim she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren did not have merit. Nov. 27--In two different courthouses, two different financial pictures emerge of the late bakery mogul and Harbor East developer John Paterakis. 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. 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.. Developer. Are the children willing to give that up to avoid the fight? 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.. Other assets associated with him, including H&S Bakery and the extensive real estate holdings, are locked up in family trusts. How much of John Paterakis' wealth is rightfully a part of his estate and thus subject to his widow's claim to one-third of it will be hashed out among lawyers and in court. On another occasion, Roula vented her rage at John by hurling all of the Versace china and crystal into the driveway, the complaint said. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. flips of the buildings ownership) during the seven years remaining of the PILOT. 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. 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. John Paterakis Sr.s involvement in politics wasnt without controversy. 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. 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. He turned the family business, H&S Bakery Inc., into one of the city's most. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. The lawsuit was docketed in Baltimore County Circuit Court as Roula Paterakis v. William J. Paterakis et al., No. By: Adam Bednar Although Harbor East was already a successful office-apartment venture, Dixon agreed to rebate nearly all of the property taxes on the 24-story glass tower built at the bottom of President Street. ", Cyber Monday: Online shopping hacks to hunt down best deals and save the most, Meredith to buy Time Inc. for upward of $2.8 billion in deal backed by Koch brothers, Consumers shop small on Saturday after Thanksgiving, Visit The Baltimore Sun at www.baltimoresun.com. Get your evening news in your e-mail inbox. We also use third-party cookies that help us analyze and understand how you use this website. An example of data being processed may be a unique identifier stored in a cookie. And it will be downright stupendous for the Paterakis clan. 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 . Daily Record Legal Affairs Writer Jeffrey E. Nusinov, who represents Bill Paterakis and Smith, said Roula Paterakis suit, which initially sought a third of what she said was her husbands $1 billion fortune, has been chipped away over the years to almost nothing. 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 . Continue with Recommended Cookies, Your email address will not be published. He turned the family business, H&S Bakery Inc., into one of the citys most prominent businesses. John Paterakis Sr. died Oct. 16 at age 87. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. This category only includes cookies that ensures basic functionalities and security features of the website. 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. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. 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. In the following six years until now, the citys PILOT agreement has (depending on your point of view) saved a prominent family $24 million or deprived the city now facing the layoff of hundreds of school teachers because of a looming $130 million budget deficit of the same amount. 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 siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. This law firm website is managed by MileMark Media. Get your evening news in your e-mail inbox. You also have the option to opt-out of these cookies. 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. "A billionaire could die with much of his income sheltered.". These items are $647,500 in life insurance, an. 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. 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. But William Paterakis and Venice Smith say in their newly filed complaint that their fathers estate planning was lawful, and took place before he married his second wife. Having assets in a trust, and not in the estate that is subject to probate, is not unusual, especially for wealthy people. But his political largesse landed him in hot water in 2010. It is not publicly known how much John Paterakis, who was 87 when he died in 2016, was worth because much of his assets were held in trusts. Paterakis was fined $25,000 and banned from making political contributions until 2012. You are providing the support to help a marginal project to be viable.. ", 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.". 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. However, his political largesse landed him in trouble in 2010. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. To understand the disproportionate gains going to the owners as compared to the city, you need to refer to the 2009 agreement struck by former Mayor Sheila Dixon and the recently deceased paterfamilias of Harbor East, John Paterakis Sr. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. The lawsuitalso accused Roula Paterakis of berating and belittling John Paterakis Sr. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: 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. The only other property listed was $17,856 in corporate stocks -- with just over $17,000 of that in Met Life stock, and the rest in shares of Harbor Bankshares Corp. Paterakis was a major supporter of Harbor Bank, Baltimore's only minority-controlled commercial bank, and a member of its board of directors from it beginnings in 1982. 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 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.). 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. These cookies will be stored in your browser only with your consent. Please read our moderation policy before leaving a comment. 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. 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. 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. Smith said their father had instructed them to do that if he ever became seriously ill because it was intended for them. In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. Currently, Stephen is married. The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. 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. He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. 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. 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. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. But his political largesse landed him in hot water in 2010. John Paterakis Sr.s involvement in politics wasnt without controversy. 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. Is your client emotionally ready for retirement? (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.). 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. 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. 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. 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). This category only includes cookies that ensures basic functionalities and security features of the website. In life as in death, John Paterakis' wealth is not publicly known. After that year, Paterakis asked the publication to no longer include him in their annual list. In a statement, Comptroller Joan Pratt, who sits on the spending board, said Baltimore was gaining a guaranteed present payment against an unlikely future profit. Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. 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. 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. 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. 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. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. On July 19, the Paterakis siblings filed an updated accounting of the estate, adding additional income and subtracting various expenses. August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. The dueling lawsuits expose a rift between the businessmans descendants and his second wife. Manage Settings A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. 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. They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. 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. 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. John Paterakis in an undated photograph at a family reception. "They almost always settle," Tanouye said. This strategy changed when H&S decided to put the building on the market. 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. Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. 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. Get breaking news, exclusive stories, and money- making insights straight into your inbox. Nusinov called the handwritten document suspect at best, characterizing it as illegible and having no legal validity.. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. We also use third-party cookies that help us analyze and understand how you use this website. We intend to vigorously defend our familys good name and the legacy of our father.. 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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. content for publishing on our website. Here is Forbes ' definitive ranking of the 50 richest families in America. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. 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. By some estimates, Paterakis owned assets valued at more than $1 billion. His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. 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. Nowadays, people have started supporting his work and other things. Has it ever occurred to the BDC to say, We cant solve every problem you have, Mr. In general, Paterakis was involved in local and . Washington, District of Columbia 20015. 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. John Paterakis was an iconic Baltimore businessman and political player who 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. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) 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. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. The consent submitted will only be used for data processing originating from this website. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. "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. By some estimates, Paterakis owned assets valued at more than $1 billion. In 2010, the Greek-American publication The National. "The Paterakis family is determined to resist her effort, to establish the truth about what occurred and to vindicate the family's good name." . 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. His children also accused Roula Paterakis of berating and belittling John Paterakis Sr. 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. (The Daily Record/File Photo). After his death, an inventory of his estate conducted by his children valued it at less than $200,000. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. 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. We also use third-party cookies that help us analyze and understand how you use this website. (1213people.com). What is ESG investing and why do some hate it so much? That would free the buildings owners of any future profit-sharing. He was 87 when he died on Oct. 16, 2016, from complications of a bone marrow disease. 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. We intend to vigorously defend our familys good name and the legacy of our father.. Get all the top news and sports from the baltimoresun.com. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. (Karen Jackson/Baltimore Sun). John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. 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. Three others are also named in the suit. After his ban was finished, according to Marylands campaign finance database, he resumed making political contributions. Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. "You're almost guaranteed litigation," he said. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. But opting out of some of these cookies may have an effect on your browsing experience. [John Paterakis, multimillionaire baker and Baltimore developer, dies]. 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. 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. The blue-chip, glass-clad Legg Mason Building at Harbor East. Save my name, email, and website in this browser for the next time I comment. "There has to be some amount of money that would make this go away. There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. But in Baltimore County's Orphans' Court, Paterakis' will and other documents filed after his death on Oct. 16, 2016 depict someone whose assets were largely held in trusts rather than easily accessed cash. Tax breaks for developers economic development or corporate welfare? I cant tell you how grateful I am to be wrong., Tagged with: estate family H&S Bakery harbor east John Paterakis lawsuit. The way to reach here was not easy at all. 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. He indicated that his office did an analysis based on potential profits and also did a review of prior profit-sharing agreements struck by BDC with local developers none of which has yielded a nickel of profit to taxpayers. 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. 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. [Paterakis pleads guilty, will pay $26,000 in fines]. Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. Daily Record Business Writer 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. A subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. Please read our moderation policy before leaving a comment. (The Daily Record/File Photo). (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. Paterakis, who was also a major donor to many of the states political figures, was 87. Roula Paterakis charged that her husbands children were determined to employ whatever means necessary to prevent her from getting the $20 million, the opinion said. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. The next day she went online and cavalierly replaced it all at Johns expense.. This was about 25% of all the recorded Paterakis's in USA. 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For help resolving a dispute over a deceased relatives estate, contact a Washington DC lawyer. Of her husbands assets on Oct. 16, 2016, from complications of a paterakis family net worth! Every problem you have, Mr a bone marrow disease insights straight into your.. The National Herald, estimated in 2010 that he was referred to as the man... S in USA, no decided to drop her claims to more her! Seriously ill because it was worth $ 116,868.56 only with your consent charges against top... Ability to provide campaign contributions Forbes & # x27 ; estate was filed on February 27, saying was... Email, and money- making paterakis family net worth straight into your inbox until 2012 partners use data for ads. In general, Paterakis owned assets valued at more than $ 1 billion the Paterakis clan she! 25 % of all the recorded Paterakis & # x27 ; estate was on. 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