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. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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. 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. (The Daily Record/File Photo). 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. Please read our moderation policy before leaving a comment. The filing on Thursday, by siblings William J. Paterakis and Venice Paterakis Smith, also known as Vanessa, depicts their fathers second wife as a bad gambler and an extravagant spender once charging two Hermes Birkin handbags worth tens of thousands of dollars to her hotel room during a trip to Las Vegas who schemed to wrest control of her husbands business from the family. 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. 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. ____________________________________. Paterakis was fined $25,000 and banned from making political contributions until 2012. But subsequent events have overtaken the courts ruling, the opinion said. The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. 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. There were also funeral expenses and probate fees and other administrative costs. 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. (Fern Shen), Developer Paterakis orchestrates $130,000 in campaign contributions to Sheila Dixon. 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. "There has to be some amount of money that would make this go away. 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 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. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. He donated the $6,000 maximum to the 2016 mayoral campaigns of both former Mayor Sheila Dixon and Mayor Catherine Pugh. 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 Roula Paterakis' lawsuit, that figure should be much greater. This category only includes cookies that ensures basic functionalities and security features of the website. Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. 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. You also have the option to opt-out of these cookies. This website uses cookies to improve your experience while you navigate through 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. In life as in death, John Paterakis' wealth is not publicly known. 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.. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. 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. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. But opting out of some of these cookies may have an effect on your browsing experience. 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. Paterakis was fined $25,000 and banned from making political contributions until 2012. These cookies do not store any personal information. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. Necessary cookies are absolutely essential for the website to function properly. 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 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. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. "There must be some basis for personal representatives to take the position it's not the property of the estate.". In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. On Oct. 11, she sought another three-month extension, citing a dispute over the estate. Please read our moderation policy before leaving a comment. The lawsuit was docketed in Baltimore County Circuit Court as Roula Paterakis v. William J. Paterakis et al., No. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. By some estimates, Paterakis owned assets valued at more than $1 billion. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. Calling the second wife of John Paterakis a material girl, two of his children from his first marriage filed suit against her in Baltimore County Circuit Court on Thursday alleging she took advantage of the ailing bakery magnate and developer to enrich herself. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. 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. Mayor Pugh ratified the deal without comment yesterday. He turned the family business, H&S Bakery Inc., into one of the city's most. Are the children willing to give that up to avoid the fight? John Paterakis Sr. died Oct. 16 at age 87. 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. Get all the top news and sports from the baltimoresun.com. 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. 1. 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. 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. Required fields are marked *. 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. She claimed that the trusts into which assets were transferred were shams. 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 upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. Get all the top news and sports from the baltimoresun.com. August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. She filed a lawsuit in 2017, making public a feud within the family of a patriarch who for all his wealth and influence as a major political donor had lived a largely private life. The amount that leaves in dispute is about $570,000. The trust is not public. 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. 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. Adam Bednar 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. Stephen's personal network of family, friends, associates & neighbors include Antonia Paterakis, John Paterakis, Victoria Mclaughlin, Annette Paterakis and Antoinette Paterakis. Roula seeks to undermine John Paterakis's careful, legitimate estate and business succession planning. A subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. It is not. 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. Weiner, defending his client from those accusations said at the time: If John Paterakis Sr., had been mistreated by his wife, where were his adult children while that supposedly took place? He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. 2017 - 2023 Tobin OConnor Concino P.C. But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. 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.. But the siblings suit casts doubt on that document, saying it is not signed or witnessed. His ascension to the ranks of the worlds wealthiest people is directly related to this success. After his ban was finished, according to Marylands campaign finance database, he resumed making political contributions. John Paterakis Sr. is inducted into the Baltimore Suns Business and Civic Hall of Fame last June at the Center Club. 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. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. Nowadays, people have started supporting his work and other things. In general, Paterakis was involved in local and . To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. By 2015, the suit said, he was frail and kept alive with drugs flown in from outside the country.. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. By submitting your email to receive this newsletter, you agree to our. 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. Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million. It is mandatory to procure user consent prior to running these cookies on your website. 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. 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. Unfortunately, and for personal reasons that I have not been authorized to share with you, Mrs. Paterakis determined that she should settle this matter as she has done and withdraw her action, her attorney, Arnold M. Weiner, said Wednesday. The dueling lawsuits expose a rift between the businessmans descendants and his second wife. (Karen Jackson/Baltimore Sun). John Paterakis, like many wealthy people, kept many of his assets in trusts. 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. This category only includes cookies that ensures basic functionalities and security features of the website. 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. 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. 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 . He was 87 when he died on Oct. 16, 2016, from complications of a bone marrow disease. 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. Pilot agreement in general, Paterakis owned assets valued at more than $ billion. 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