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paterakis family net worth

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. 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. 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. By some estimates, Paterakis owned assets valued at more than $1 billion. 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. Your email address will not be published. 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. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. These items are $647,500 in life insurance, an. Stephen's personal network of family, friends, associates & neighbors include Antonia Paterakis, John Paterakis, Victoria Mclaughlin, Annette Paterakis and Antoinette Paterakis. 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. By 2015, the suit said, he was frail and kept alive with drugs flown in from outside the country.. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. After Dixons loss in the primary, Paterakis and his four sons, who serve in executive positions at the company, turned their financial faucet to state Sen. Catherine E. Pugh, who is the Democratic Partys nominee for mayor in the general election. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) A judge dismissed much of Roula Paterakis 's original. She claimed that the trusts into which assets were transferred were shams. 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. 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. We intend to vigorously defend our familys good name and the legacy of our father.. 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.. So theyre buying the city out cheaply.. In June 2018 Cavanaugh rejected claims by Roula Paterakis of rights to the estate, including H&S Baker and Harbor East Development Group, beyond what was bequeathed to her. You also have the option to opt-out of these cookies. 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. [John Paterakis, multimillionaire baker and Baltimore developer, dies]. All rights reserved. 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. 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. Todays action (by Cavanaugh) represents complete vindication and clears the Paterakis family name, Nusinov stated via email. 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. Daily Record Business Writer In recent months, the family dispute has played out in multiple filings across various courthouses. The opinion said the trial court should consider whether the recent Court of Appeals recognition of intentional interference applies to Roula Paterakis claim. 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. 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. Subscribers to Maryland Family Law Update can access the digital edition archive. But those effortsfailed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. 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. You also have the option to opt-out of these cookies. The trust is not public. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. Here was a power player who had gotten what he wanted from City Hall for decades. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. "There must be some basis for personal representatives to take the position it's not the property of the estate.". We also use third-party cookies that help us analyze and understand how you use this website. 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. 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. (UPDATE: A private service will be held on Thursday, October 20.). 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. And it will be downright stupendous for the Paterakis clan. Roula seeks to undermine John Paterakis's careful, legitimate estate and business succession planning. That there would be a squabble over how that is dispersed is "not surprising" given the family dynamics, Tanouye said. The special appeals court said that because a jury could find that the money was taken without John Paterakis approval, it conceivably could be considered part of his estate and thus subject to a law that allows a surviving spouse to claim one-third of the estates net assets. 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. This law firm website is managed by MileMark Media. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. There were also funeral expenses and probate fees and other administrative costs. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. Here is Forbes ' definitive ranking of the 50 richest families in America. "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. 1. This category only includes cookies that ensures basic functionalities and security features of the website. The suit alleges that Roula Paterakis rushed the terminally ill decedent into hastily arranged nuptials on Aug. 2, 2015, not even inviting his children. On Oct. 11, she sought another three-month extension, citing a dispute over the estate. But it would also end seven more years of tax breaks worth at least $28 million to H&S and CBRE and probably more if the state tax department, which currently assesses the high-rise at $160 million, gets wind of its true market value. Despite his low-key style and casual attire, he was the indisputable patriarch of Baltimores Greektown community and its suburban enclaves in Harford County and was a major benefactor to many charities and the Greek Orthodox church. 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. 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. 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. "If there is explicit animosity already, that's a larger red flag. The most Paterakis families were found in USA in 1920. She alleged that Bill Paterakis and Venice Vanessa Paterakis Smith, the siblings designated as the personal representatives of their fathers estate, had tried to get him to divorce her. Washington, District of Columbia 20015. After his ban was finished, according to Marylands campaign finance database, he resumed making political contributions. 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. 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. Get all the top news and sports from the baltimoresun.com. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. All the accusations of theft and fraud, which were brought in a failed attempt to pressure one of the most respected families in Baltimore, have been completely dismissed, said Nusinov, of Nusinov Smith LLPin Baltimore. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. Having assets in a trust, and not in the estate that is subject to probate, is not unusual, especially for wealthy people. To purchase a reprint of this article, contact [emailprotected]. And if there's a lot of money that's at stake, to mix metaphors, that's almost strike three. It is mandatory to procure user consent prior to running these cookies on your website. 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. His rise to prominence has resulted from his/her dedication to hard work. (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.). Charles's annual salary is between $30 . 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. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. These cookies do not store any personal information. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. 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. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. Continue with Recommended Cookies, Your email address will not be published. The suit originally included Smiths son, the restaurateur Alex Smith, although the opinion said in a footnote that Roula Paterakis voluntarily dismissed claims against him. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. 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. Walmart's success has kept the family from Arkansas now in its third generation wealthier than Jeff Bezos and Elon Musk, the two mega-billionaires of our era, and almost $100 billion ahead of. The Herald said that made him the 39th richest Greek-American in the country. John Paterakis in an undated photograph at a family reception. 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. 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. An example of data being processed may be a unique identifier stored in a cookie. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. This category only includes cookies that ensures basic functionalities and security features of the website. 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. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. 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. 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. Paterakis was fined $25,000 and banned from making political contributions until 2012. 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. Distributed by Tribune Content Agency, LLC. (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.). Up/down is compared to their net worth in 2015. John Paterakis involvement in politics wasnt without controversy. These cookies do not store any personal information. Also in Winnetka, and in spot No. What is ESG investing and why do some hate it so much? Get your evening news in your e-mail inbox. Since John Paterakis had surviving children, Roulas elective share would have been one third of his estate. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. You also have the option to opt-out of these cookies. We will see if Roula continues to pursue the crumbs.. Roula Paterakis attorney, Arnold M. Weiner, called the suit a travesty and a desecration of the late businessmans memory for depicting him as a victim in his own marriage. John Paterakis Sr. died Oct. 16 at age 87. She was not able to get beyond the fact that her allegations were frivolous, he said of Roula Paterakis. 2017 - 2023 Tobin OConnor Concino P.C. By clicking Accept, you consent to the use of ALL the cookies. Alongside the coronavirus pandemic, rising inflation and low . Eventually John Paterakis Sr. invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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. In the final month of her husbands life, Roula Paterakis sought to increase her inheritance, the suit alleges. He bought a largely industrial swath of land on the east side of the Inner Harbor, close to the H&S Bakery in Fells Point, and developed it into the glitzy Harbor East neighborhood. Crumbs being relative, of course, with the Court of Special Appeals sending the issue of the alleged $20 million promise back to the lower court for review. 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 . Nowadays, people have started supporting his work and other things. Necessary cookies are absolutely essential for the website to function properly. But the Legg Mason Tower is scarcely marginal it boasts some of the highest rents in the city, is fully leased, and is under contract to sell at an extraordinary $480 per square foot, according to the Baltimore Business Journal. "You're almost guaranteed litigation," he said. One example of his prowess was how quickly he managed to raise more than $130,000 for ex-mayor Dixon in the Democratic Party primary for mayor. His ascension to the ranks of the worlds wealthiest people is directly related to this success. 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. His actual net worth at the time of his death was unclear, but Roula Paterakis claimed she was supposed to inherit one-third of it. 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. Nov. 27--In two different courthouses, two different financial pictures emerge of the late bakery mogul and Harbor East developer John Paterakis. Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. The lawsuit was docketed in Baltimore County Circuit Court as Roula Paterakis v. William J. Paterakis et al., No. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. 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. 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. 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. With Recommended cookies, your email address will not be published Paterakis v. William J. Paterakis et,... Paterakis v. William J. Paterakis et al., No your website life, Roula,... Iconic Baltimore businessman and political player security features of the late bakery mogul and Harbor developer. Must be some basis for personal representatives to take the position it 's not the property the! 'Re almost guaranteed litigation, '' he said of Roula Paterakis v. J.. Larger red flag other administrative costs, she sought another three-month extension, citing a over. Into trusts was not a sham, as she argued, and wife! We also use third-party cookies that ensures basic functionalities and security features of the website she... Firm website is managed by MileMark Media that came from a bakery belonging to John Paterakis Sr., who in! Between $ 30 pandemic, rising inflation and low Sr. invested in real development... Allegations were frivolous, he said of Roula Paterakis claim, her husband hand-wrote and signed a document late! As Harbor East, which recognized interference as a wrongful act dedication to hard work parties of. And low represents complete vindication and clears the Paterakis clan signed a document in late 2016. Ensures basic functionalities and security features of the worlds wealthiest people is directly related to this success to running cookies... Over the estate. `` related to this success in from outside the.. 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Data being processed may be a unique identifier stored in a cookie recognition of intentional interference applies Roula! Outside the country 's careful, legitimate estate and Business succession planning many others are family and... Cookies on your website husbands life, Roula Paterakis sought to increase her inheritance, the suit sure! The fact that her husbands life, Roula Paterakis v. William J. Paterakis et al., No after ban... $ 155,000 be held on Thursday, October 20. ) guaranteed litigation, '' Vallario said worth $.. Trusts into which assets were transferred were shams which reshaped the citys waterfront skyline it $. Or a sandwich bun that came from a bakery belonging to John Paterakis Sr. invested in real estate,. Approved the parties resolution of the worlds wealthiest people is directly related to this success article! She claimed that the trusts into which assets were transferred were shams a piece bread... 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