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. Contact Tobin OConnor Concino P.C. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. With this distraction put to bed, the Paterakis family will continue to honor John Paterakis true testamentary wishes and his legacy of supporting Baltimore.. Manage Settings At issue is reconciling what Roula Paterakis' lawsuit says is "cash hoards" that her late husband maintained in an office safe, bank accounts and safe deposit boxes, with what has been filed in Orphans' Court, which makes no mention of such stashes, she said. (1213people.com). Nowadays, people have started supporting his work and other things. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. 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. 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. Required fields are marked *. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. (The Daily Record/File Photo). 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. The Brew has learned that John Paterakis Sr., Baltimores billionaire bakery mogul, real estate developer and political powerbroker, died today at Johns Hopkins Hospital. She has filed a claim to one-third of that estate as allowed by statute. He paid a fine of $26,000 and was briefly barred from contributing to political campaigns, but came back strong during the current election cycle. Arnold Weiner, a lawyer for Roula Paterakis, said his client was disappointed in the ruling and reviewingher options as to her next steps. [Paterakis pleads guilty, will pay $26,000 in fines]. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. 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. Since John Paterakis had surviving children, Roulas elective share would have been one third of his estate. Adam Bednar covers real estate and development for The Daily Record. Wes Moore delivers his first State of the State speech, Read: Maryland GOP responds to Gov. 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. We intend to vigorously defend our familys good name and the legacy of our father.. (UPDATE: A private service will be held on Thursday, October 20.). In 1920 there were 2 Paterakis families living in Ohio. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. 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. 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 . The widow of John Paterakis, the bakery magnate and Harbor East developer, has withdrawn her claim to a greater share of what she said was his $1 billion fortune, leaving the bulk of it in the hands of the children from his first marriage. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. 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. "A billionaire could die with much of his income sheltered.". [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. 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. Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. "The Paterakis family is determined to resist her effort, to establish the truth about what occurred and to vindicate the family's good name." . 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. In 2010, the Greek-American publication The National. 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. Subscribers to The Daily Record can access the digital edition archive. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. On another occasion, Roula vented her rage at John by hurling all of the Versace china and crystal into the driveway, the complaint said. The lawsuit was docketed in Baltimore County Circuit Court as Roula Paterakis v. William J. Paterakis et al., No. 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. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. John Paterakis Sr.s involvement in politics wasnt without controversy. 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. 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. In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. This category only includes cookies that ensures basic functionalities and security features of the website. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The way to reach here was not easy at all. 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. Three others are also named in the suit. 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. The suit alleges that Paterakis' children have withheld assets including millions of dollars in "cash hoards" that their father kept in safes and bank accounts. 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. In general, Paterakis was involved in local and . 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. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his 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. 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. Subscribers to Maryland Family Law Update can access the digital edition archive. Daily Record Legal Affairs Writer Developer. His rise to prominence has resulted from his/her dedication to hard work. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. 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This law firm website is managed by MileMark Media. Here is Forbes ' definitive ranking of the 50 richest families in America. He turned the family business, H&S Bakery Inc., into one of the citys most prominent businesses. 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. By submitting your email to receive this newsletter, you agree to our. The total estate came to $155,354.. And it will be downright stupendous for the Paterakis clan. Her suit described scenes of turmoil before Paterakis death and afterward, of fights breaking out in Harbor East restaurants and the siblings helping themselves to their fathers cash hoards and so-called play money. The siblings fired back, characterizing her as a spendthrift who once charged two Hermes Birkin handbags to her hotel room in Las Vegas and pressured him into a hasty wedding. But those effortsfailed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. Tax breaks for developers economic development or corporate welfare? Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million. She claimed that the trusts into which assets were transferred were shams. View FREE Public Profile & Reputation for Charles Paterakis in Baltimore, MD - See Court Records | Photos | Address, Emails & Phone Number | Personal Review | $30 - $39,999 Income & Net Worth . The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. We express no view as to whether it does or does not, the special appeals court opinion said. 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. 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. 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. The most Paterakis families were found in USA in 1920. In recent months, the family dispute has played out in multiple filings across various courthouses. The next day she went online and cavalierly replaced it all at Johns expense.. 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, multimillionaire baker and Baltimore developer, dies, Family feud over estate of bakery magnate, Harbor East developer Paterakis, cash hoards and play money that he kept, They depicted their fathers widow as a material girl, Paterakis pleads guilty, will pay $26,000 in fines, Do Not Sell/Share My Personal Information. The trust is not public. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. 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. Alongside the coronavirus pandemic, rising inflation and low . He turned the family business, H&S Bakery Inc., into one of the city's most. Mr. Stephen's personal network of family, friends, associates & neighbors include Antonia Paterakis, John Paterakis, Victoria Mclaughlin, Annette Paterakis and Antoinette Paterakis. 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. Please read our moderation policy before leaving a comment. "There must be some basis for personal representatives to take the position it's not the property of the estate.". You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. 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 . Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. The suit alleges that Roula Paterakis rushed the terminally ill decedent into hastily arranged nuptials on Aug. 2, 2015, not even inviting his children. 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. She is still wealthy by most estimates, though; she owns the house where she and John Paterakis lived together, as well as bank accounts worth about $800,000. Unfortunately and for personal reasons that I am not authorized to share, Mrs. Paterakis determined that she should settle the matter as she has and withdraw her action, he said. When John Paterakis died, the value of his assets that went through probate was only $200,000, but his net worth was nearly a billion dollars, if not more. ", 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.". We also use third-party cookies that help us analyze and understand how you use this website. It is mandatory to procure user consent prior to running these cookies on your website. There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. 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. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. What is ESG investing and why do some hate it so much? 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. Roula Paterakis argued that by law she was entitled to a third of her husbands estate, and that estate should include assets held in trusts, as well as the cash hoards and play money that he kept in safes, safe deposit boxes and bank accounts, money that he freely spent on poker games, travel on private jets and gifts. 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. So theyre buying the city out cheaply.. 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. He was 87 when he died on Oct. 16, 2016, from complications of a bone marrow disease. 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. 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. During the course of the bitter battle, she also accused her stepchildren of depleting their fathers cash assets during his final illness, while they accused her of greed and material excess. The suit filed by his two children, who in his will he named as personal representatives of his estate, lists their four siblings and subsequent generations as interested persons.. 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. 99,000 in a certificate of health, according to Roula Paterakis dropped that allegation William J. 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