Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. Here was a power player who had gotten what he wanted from City Hall for decades. John Paterakis Sr.s involvement in politics wasnt without controversy. That at least is the view from Baltimore Circuit Court, where his widow Roula Paterakis sued the six children from his previous marriage on Nov. 13 for her share of what she says is a $1 billion fortune. Subscribers to Maryland Family Law Update can access the digital edition archive. Continue with Recommended Cookies, Your email address will not be published. Required fields are marked *. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. 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. IRI announces 2023 Retirement Security Blueprint, Less than half of US workers are aware of the IRS tax credit for eligible retirement savers, March will bring bear-market risks for US stocks, Morgan Stanley says. The opinion said the trial court should consider whether the recent Court of Appeals recognition of intentional interference applies to Roula Paterakis claim. 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. 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. 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 life as in death, John Paterakis' wealth is not publicly known. (UPDATE: A private service will be held on Thursday, October 20.). These cookies will be stored in your browser only with your consent. 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. 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. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. He donated the $6,000 maximum to the 2016 mayoral campaigns of both former Mayor Sheila Dixon and Mayor Catherine Pugh. 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. To purchase a reprint of this article, contact [emailprotected]. The widow claimed to have had a written and oral agreement with her husband that she would inherit $20 million. (Karen Jackson/Baltimore Sun). Mr. 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. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. 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 blue-chip, glass-clad Legg Mason Building at Harbor East. His six children from his first marriage were the main beneficiaries of his non-probate assets; two of them, his son William Paterakis and his daughter Venice Paterakis Smith, were also the personal representatives of the estate. And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. 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. 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. "They almost always settle," Tanouye said. 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. The Paterakis siblings fired back in a suit of their own. There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. 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. ANALYSIS: The owners of a trophy high-rise devise a plan to flip the property and keep its 95% tax abatement, Above: The blue-chip, glass-clad Legg Mason Building at Harbor East. 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. You also have the option to opt-out of these cookies. 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. "A billionaire could die with much of his income sheltered.". O3-C-18001742. 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. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. 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. 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 dueling lawsuits expose a rift between the businessmans descendants and his second wife. In recent months, the family dispute has played out in multiple filings across various courthouses. [Paterakis pleads guilty, will pay $26,000 in fines]. 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. (1213people.com). "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. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. 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. Daily Record Business Writer In general, Paterakis was involved in local and . 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. Roula Paterakis filedsuit in Orphans Court last year alleging her late husbands children and grandchildren conspired to depriveher of her rightful share of Johns estate. Last year Rifkin saidhis client was threatened with destruction if she tried to enforce John Paterakis Sr.s promise to leave her $20 million. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. Subscribers to The Daily Record can access the digital edition archive. 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. Since John Paterakis had surviving children, Roulas elective share would have been one third of his estate. 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. By clicking Accept, you consent to the use of ALL the cookies. Subscribers to The Daily Record can access the digital edition archive. We intend to vigorously defend our familys good name and the legacy of our father.. Paterakis divorced his first wife in 1995, and married his second wife in 2015, although they had lived together for more than a dozen years at that point. His rise to prominence has resulted from his/her dedication to hard work. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. The Herald said that made. View Guidelines. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. This strategy changed when H&S decided to put the building on the market. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. The next day she went online and cavalierly replaced it all at Johns expense.. These cookies do not store any personal information. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. That makes the 650,000 square-foot property worth about $312 million. 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. After yesterdays Board of Estimates meeting, in which Mayor Catherine Pugh accepted $1.5 million from the Paterakis family in order to clear the way for the sale of their Legg Mason Tower, Baltimores chief development officer, William H. Cole, said: Its a great deal for the city. 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. 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. 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 . 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. Subscribers to The Daily Record can access the digital edition archive. Get your evening news in your e-mail inbox. (The Daily Record/File Photo). All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. ____________________________________. The case isPaterakis vs Paterakis, et al.,03C18001742. Here is Forbes ' definitive ranking of the 50 richest families in America. By: Steve Lash According to Roula Paterakis' lawsuit, that figure should be much greater. At a groundbreaking for thethe $170 million Liberty Harbor East shortly after his death, business partners and elected officials praised his vision for the citys waterfront. By: Adam Bednar 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. 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 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. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. Loving father of Stephen Paterakis and his wife Vickie, William Paterakis and his late wife Deborah, Vanessa Smith and her husband Frederick, John Paterakis, Jr. and his wife Emily, Charles. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit The Brew has learned that John Paterakis Sr., Baltimores billionaire bakery mogul, real estate developer and political powerbroker, died today at Johns Hopkins Hospital. After his death, an inventory of his estate conducted by his children valued it at less than $200,000. A subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. Get all the top news and sports from the baltimoresun.com. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. These items are $647,500 in life insurance, an. One ruling in the case, however, noted that the son of Greek immigrants to Baltimore built a business and real estate empire and accumulated enormous wealth.. But his political largesse landed him in hot water in 2010. Nowadays, people have started supporting his work and other things. (Before he was taken to the hospital last week, he had hoped to attend the propertys groundbreaking ceremony on October 28, surrounding by Mayor Stephanie Rawlings-Blake and other officials.). (See below the list for the full methodology.) 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. Developer. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. 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. 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. 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. Any cash a person keeps around must be reported in an estate inventory, she said. 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. ", 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.". 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. After that year, Paterakis asked the publication to no longer include him in their annual list. What is ESG investing and why do some hate it so much? The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. FROM THE BREW ARCHIVES: Developer Paterakis orchestrates $130,000 in campaign contributions to Sheila Dixon (3/29/16), Tax breaks for developers economic development or corporate welfare? 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. Adam Bednar covers real estate and development for The Daily Record. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. 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. Went online and cavalierly replaced it all at Johns expense with the Council. In America definitive ranking of the 50 richest families in America estate the...: a private service will be stored in your browser only with consent! On an old PILOT that had profit-sharing.. ____________________________________. `` have been one third of his conducted! 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