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. Roula Paterakis is gratified that she will now have her day in court so that she can pursue this substantial cause of action the interference with the $20 million promise, said her attorney, Arnold M. Weiner. 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. This website uses cookies to improve your experience while you navigate through the website. Charles's annual salary is between $30 . 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. His rise to prominence has resulted from his/her dedication to hard work. Tagged with: estates and trusts H&S Bakery John Paterakis. 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 andchairman of H&S Bakery, wrote in a signed letter to employees in November 2017. 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. You also have the option to opt-out of these cookies. 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. 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. Get your evening news in your e-mail inbox. 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. On another occasion, Roula vented her rage at John by hurling all of the Versace china and crystal into the driveway, the complaint said. However, his political largesse landed him in trouble in 2010. Nusinov called the handwritten document suspect at best, characterizing it as illegible and having no legal validity.. (UPDATE: A private service will be held on Thursday, October 20.). "They almost always settle," Tanouye said. 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. [Paterakis pleads guilty, will pay $26,000 in fines]. The Herald said that made. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. A Baltimore County judge has dismissed the majority of a lawsuit brought by the second wife of John Paterakis Sr. accusing his familyof withholding her rightful share of the baking magnate and developers estate. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. 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. 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 siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. Also in Winnetka, and in spot No. 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. All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. She was not able to get beyond the fact that her allegations were frivolous, he said of Roula Paterakis. John Paterakis involvement in politics wasnt without controversy. "The Paterakis family is determined to resist her effort, to establish the truth about what occurred and to vindicate the family's good name." . Continue with Recommended Cookies, Your email address will not be published. This, she said, echoing Cole, was a good deal. The most Paterakis families were found in USA in 1920. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. In recent months, the family dispute has played out in multiple filings across various courthouses. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. 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. 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. 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 died on October 16 at age 87. But opting out of some of these cookies may have an effect on your browsing experience. 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. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. 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. But opting out of some of these cookies may have an effect on your browsing experience. 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. 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. 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. 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. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. We intend to vigorously defend our familys good name and the legacy of our father.. Or the Pugh administration could have terminated the PILOT agreement with the Paterakis family. 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. 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. 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. Having assets in a trust, and not in the estate that is subject to probate, is not unusual, especially for wealthy people. (You Tube), There was, however, a proviso in the PILOT agreement that said the city would receive 25% of excess net proceeds after the developer achieves a 15% cumulative return on equity.. "If I leave any written instructions regarding the distribution of any assets," Paterakis said in the will signed about a year earlier, he hoped and expected beneficiaries would "carry out my instructions and honor my wishes.". This strategy changed when H&S decided to put the building on the market. 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. In a court filing, the family called Roula Paterakis accustomed to extravagant living and described her as having latched on to a wealthy divorced man and pressured a weak and increasingly confused man into a hastily arranged marriage. So theyre buying the city out cheaply.. 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 . Currently, Stephen is married. Contact Tobin OConnor Concino P.C. In life as in death, John Paterakis' wealth is not publicly known. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. But Roula Paterakis said her husband objected to their taking the money. 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: Adam Bednar (1213people.com). 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. The case isPaterakis vs Paterakis, et al.,03C18001742. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. 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. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. (The Daily Record/File Photo). Washington, District of Columbia 20015. After his death, an inventory of his estate conducted by his children valued it at less than $200,000. 3/1/23 UPDATE: Following publication of this story, the Board of Estimates deferred action on the price increase. "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. We intend to vigorously defend our familys good name and the legacy of our father.. Manage Settings We also use third-party cookies that help us analyze and understand how you use this website. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. 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? August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. 2017 - 2023 Tobin OConnor Concino P.C. 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. John Paterakis Sr.s involvement in politics wasnt without controversy. 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. 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. 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. 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. A judge dismissed much of Roula Paterakis 's original. ____________________________________. There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. This website uses cookies to improve your experience while you navigate through the website. 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. 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? 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. 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. 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