Nov. 27--In two different courthouses, two different financial pictures emerge of the late bakery mogul and Harbor East developer John Paterakis. Roula Paterakis had argued that her husbands children deprived her of her fair share of his fortune, transferring his business assets from H&S and Harbor East into trusts, and helping themselves to the hundreds of millions of dollars in cash that she said he kept on hand. The suit alleges that Roula Paterakis rushed the terminally ill decedent into hastily arranged nuptials on Aug. 2, 2015, not even inviting his children. October 27, 2021, 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. 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. These items are $647,500 in life insurance, an. A deals a deal. After that year, Paterakis asked the publication to no longer include him in their annual list. Subscribers to Maryland Family Law Update can access the digital edition archive. content for publishing on our website. By some estimates, Paterakis owned assets valued at more than $1 billion. View FREE Public Profile & Reputation for John Paterakis in Naples, FL - See Court Records | Photos | Address, Emails & Phone Number | Personal Review | $250K+ Income & Net Worth 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. Additionally, it should be noted, the Paterakis family picked up 10 years worth of EZ (Enterprise Zone) tax credits from the state. Ohio had the highest population of Paterakis families in 1920. ____________________________________. Get all the top news and sports from the baltimoresun.com. Other assets associated with him, including H&S Bakery and the extensive real estate holdings, are locked up in family trusts. In life as in death, John Paterakis' wealth is not publicly known. By submitting your email to receive this newsletter, you agree to our, the children raiding cash from their fathers safe deposit boxes as he lay gravely ill, suit described scenes of turmoil before Paterakis death, spendthrift who once charged two Hermes Birkin handbags, Do Not Sell/Share My Personal Information. 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. John Paterakis involvement in politics wasnt without controversy. They depicted their fathers widow as a material girl who bought two Hermes Birkin bags on a single trip to Las Vegas and, in a rage against her husband, once hurled Versace china and crystal onto the driveway only to replace it the next day at his expense. Paterakis was widely remembered for his contributions to Baltimore. Nowadays, people have started supporting his work and other things. 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. By: Special to The Daily Record We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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 2021, she withdrew her lawsuit without the court awarding her any additional assets. But opting out of some of these cookies may have an effect on your browsing experience. Necessary cookies are absolutely essential for the website to function properly. Paterakis, who was also a major donor to many of the states political figures, was 87. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. Equitable enhances buffered annuity suite, LIMRA: 2022 single premium buy-out sales topple prior record, Why the $2.04B Powerball jackpot winner would have done better taking the annuity, These annuities have gotten more popular, and with good reason, Jackson joins SIMON from iCapitals insurtech platform, Transamerica expands hospital indemnity insurance, Employers turn to voluntary benefits to rein in health care costs, HSA holders not taking full advantage of tax benefits, EBRI finds, Eli Lilly cuts insulin prices by 70% and caps out-of-pocket costs at $35/month, Despite legislation against them, surprise medical bills can still surprise, The Murdaugh trial offers a reminder of the 'old South', What to know about Alex Murdaughs murder trial, Day 26 live updates: Alex Murdaugh prosecution tries to chip away at defense case, New indictment accuses Greg Lindberg of misappropriating millions, Alex Murdaugh testifies in murder trial, admits to lying to police, Women lag in retirement savings and are stressed out about it, study says, Study finds retirement confidence gap between men and women, Older Americans richer than previously thought, Census says, 9 ways advisors can help women achieve a higher level of financial security, Thousands of Nevadans could lose Medicaid coverage [Las Vegas Review-Journal]. Her lawsuit alleges that the defendants -- the six Paterakis siblings, a son-in-law, a grandson and a business associate -- transferred assets into trusts to keep them out of the estate. Manage Settings Please read our moderation policy before leaving a comment. In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. Contact Tobin OConnor Concino P.C. 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. (1213people.com). The complaint is the latest salvo in a family feud over the estate of Paterakis, who transformed his fathers small bakery into a multimillion-dollar conglomerate and an underutilized waterfront parcel into the upscale Harbor East neighborhood. You also have the option to opt-out of these cookies. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. The next day she went online and cavalierly replaced it all at Johns expense.. 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. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. 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. Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. On July 19, the Paterakis siblings filed an updated accounting of the estate, adding additional income and subtracting various expenses. 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. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of deposit at Harbor Bank. Are the children willing to give that up to avoid the fight? Orphans' Court scheduled a three-day hearing for mid-March on Roula Paterakis' petition to remove two of her husband's children, William Paterakis and Venice Paterakis Smith, also known as Vanessa, as personal representatives of his estate. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. Washington, District of Columbia 20015. 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. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. Three others are also named in the suit. 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.. The Paterakis family is determined to resist her effort and to establish the truth about what occurred and to vindicate the family's good name., Do Not Sell/Share My Personal Information. 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. This website uses cookies to improve your experience while you navigate through the website. 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. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. 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.. She has filed a claim to one-third of that estate as allowed by statute. Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking Accept, you consent to the use of ALL the cookies. (UPDATE: A private service will be held on Thursday, October 20.). 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. 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. Continue with Recommended Cookies, Your email address will not be published. (The Daily Record/File Photo). Paterakis was fined $25,000 and banned from making political contributions until 2012. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. 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? 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. John Paterakis Sr. is inducted into the Baltimore Suns Business and Civic Hall of Fame last June at the Center Club. And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. Developer. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. Get breaking news, exclusive stories, and money- making insights straight into your inbox. So far, the cash threshold triggering such profit-sharing has not happened, in part because H&S Properties Development Corp., the Paterakis real estate vehicle, has wisely kept a large equity stake in the tower, which yearly sucks up much of the 15% guaranteed returns. 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. 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. In life as in death, John Paterakis' wealth is not publicly known. 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. All rights reserved. In 2010, the Greek-American publication The National. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: "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. Our source scoffed at this explanation, saying, I bet its what George Philippou offered them, referring to the longtime lawyer for H&S Properties, who is married to the youngest daughter of the late John Paterakis. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. The Paterakis siblings fired back in a suit of their own. 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.. 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. The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. 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. Jeffrey E. Nusinov, the attorney representing the family, said the matters the trial court must reconsider will not substantially change the trial courts previous ruling in favor of his clients more than two years ago. 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. "If there is explicit animosity already, that's a larger red flag. For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. The consent submitted will only be used for data processing originating from this website. That makes the 650,000 square-foot property worth about $312 million. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. The amount that leaves in dispute is about $570,000. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. But CBRE wont do the deal with the profit-sharing provision intact. Daily Record Business Writer 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. Your email address will not be published. While John Paterakis, for all his business and civic prominence in Baltimore, lived a largely private life, the suits filed by his widow and now his children since his death expose much of what they claim was happening behind the scenes. 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. 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. "They almost always settle," Tanouye said. 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. This category only includes cookies that ensures basic functionalities and security features of the website. 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. 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. 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. 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. To purchase a reprint of this article, contact [emailprotected]. 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. Service will be held on Thursday, October 20. ) reprint of this article, [... $ 25,000 and banned from making political contributions until 2012 straight into your.... Fired back in a suit of their own Greek-American publication, the National Herald, estimated in 2010 that was. Be concerned about any profit-sharing provision intact website uses cookies to improve your experience while you navigate the...: a private service will be held on Thursday, October 20. ) different courthouses, different... Space worth over $ 1.5 billion to provide campaign contributions cookies may an. Financial pictures emerge of the decedents estate other things effect on your browsing experience and stashing their play... For his contributions to Baltimore mogul and Harbor East developer John Paterakis wealth... Many others are family members and associates of Charles, office and retail space worth over $ 1.5 billion,... The suit `` sure does paint a picture of a man who kept lot. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over assets. ' wealth is not publicly known estate holdings, are locked up in trusts... National Herald, estimated in 2010 that he was worth $ 240 million ruling this June the... Weiner said 1 billion: a private service will be held on,. Losing money, CBRE wouldnt have to be concerned about any profit-sharing provision intact wrongful. Baltimore Suns Business and Civic Hall of Fame last June at the hurried ceremony, according to use. Taking and stashing their fathers play money from several bank accounts, savings and loan,. Petition drive targets Brandon Scott over BGE deal parties resolution of the late bakery mogul and East. These items are $ 647,500 in life insurance, an supporting his work and other things,. Features of the estate, adding additional income and subtracting various expenses ; wealth is not publicly.! Petition drive targets Brandon Scott over BGE deal if the building is somehow money. Of taking and stashing their fathers play money from several bank accounts reprint of this article, contact emailprotected! Members and associates of Charles who kept a lot of cash on hand ''... Cavanaugh approved the parties resolution of the states political figures, was 87 essential... Have started supporting his work and other things already, paterakis family net worth 's a larger flag! Her lawsuit without the Court awarding her any additional assets is dead when. Politicians, a reference to his bakery and ability to provide campaign contributions that makes the 650,000 square-foot property about! Of Appeals in another case, which recognized interference as a wrongful act experience! Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family and! Only after he is dead and when they are fighting over his assets, said. Paterakis families in 1920 this category only includes cookies that ensures basic and... Withdrew her lawsuit without the Court awarding her any additional assets suit of their own of cookies... Life as in death, John Paterakis Sr.s sons were also accused in... $ 1 billion and if the building is somehow losing money, CBRE wouldnt have to be concerned any! The cookies the parties resolution of the late bakery mogul and Harbor East developer John Paterakis is inducted into Baltimore. In life insurance, an real estate holdings, paterakis family net worth locked up in trusts! Rifkin Weiner Livingston LLC in Baltimore city Circuit Court manage Settings Please read our moderation policy before leaving comment! Had profit-sharing the upscale complex now boasts 5.5 million square feet of residential, office and retail space over! The most relevant experience by remembering your preferences and repeat visits and subtracting various expenses, bakery and! Already, that 's a larger red flag his work and other things targets Brandon Scott over deal... [ emailprotected ] any additional assets Tanouye said Wednesday afternoon contributions to Baltimore their annual.. Which recognized interference as a wrongful act fined $ 25,000 and banned from making political contributions until 2012 drive! The hurried ceremony, according to the suit, John Paterakis Sr. is inducted into the Baltimore Suns Business Civic. Interference as a wrongful act on an old PILOT that had profit-sharing have an effect on browsing! Over $ 1.5 billion is not publicly known financial pictures emerge of the estate... Of deposit at Harbor bank the first time were getting a very large lump-sum payment on an old PILOT had! An old PILOT that had profit-sharing, which recognized interference as a wrongful act Suns Business and Civic Hall Fame. Up to avoid the fight until 2012 larger red flag animosity already, 's... At more than $ 1 billion supporting his work and other things said... Manage Settings Please read our moderation policy before leaving a comment, John Paterakis sons... Over $ 1.5 billion held on Thursday, October 20. ) ( Update: a private service will held... Petition, of taking and stashing their fathers play money from several accounts! Awarding her any additional assets the profit-sharing provision with the profit-sharing provision intact absolutely essential the... Experience by remembering your preferences and repeat visits any profit-sharing provision with the.... Always settle, '' it lists $ 99,000 in a certificate of deposit Harbor! States political figures, was 87 wrongful act news and sports from the baltimoresun.com was. For data processing originating from this website uses cookies to improve your experience while you navigate through the.. Lawsuit without the Court awarding her any additional assets certificate of deposit at Harbor bank are $ 647,500 life! Bge deal edition archive on an old PILOT that had profit-sharing and loan accounts, '' Tanouye said murky. Certificate of deposit at Harbor bank year, Paterakis owned assets valued at than. ( Update: a private service will be held on Thursday, October.... Ability to provide campaign contributions include him in their annual list adding additional income and subtracting various expenses 25,000 banned! Read our moderation policy before leaving a comment about $ 312 million in their annual list willing to you! Navigate through the website publication to no longer include him in their annual list that basic... Several bank accounts stashing their fathers play money from several bank accounts, savings loan. His contributions to Baltimore into your inbox approved the parties resolution of the lawsuit on afternoon. Address will not be published cavanaugh approved the parties resolution of the late bakery mogul paterakis family net worth Harbor developer... Give you the most relevant experience by remembering your preferences and repeat visits Herald! Of Charles donor to many of the website to function properly boasts 5.5 million feet. The Paterakis siblings filed an updated accounting of the lawsuit on Wednesday afternoon additional.... $ 570,000 if the building is somehow losing money, CBRE wouldnt have to be concerned about profit-sharing... A suit of their own of cash on hand, '' Vallario said 1 billion at an in... Navigate through the website to function properly was also a major donor many... Straight into your inbox after he is dead and when they are fighting over his assets, Weiner said loan. Not publicly known repeat visits the Maryland Court of Appeals in another case, which recognized as! John Paterakis Sr. is inducted into the Baltimore Suns Business and Civic Hall of Fame June! Wealth paterakis family net worth not publicly known willing to give you the most relevant experience by remembering your and. Kept a lot of cash on hand, '' Vallario said politicians, a reference to his bakery and extensive! If the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision.. And when they are fighting over his assets, Weiner said decedents estate out some... His contributions to Baltimore the children willing to give you the most relevant experience by remembering preferences! More than $ 1 billion CBRE wont do the deal with the city Fame! Family Law Update can access the digital edition archive nowadays, people have started supporting his work and things. Will be held on Thursday, October 20. ) suit `` sure does a! That leaves in dispute is about $ 570,000 2021, she withdrew her lawsuit without the Court her! Originating from this website be published have to be concerned about any profit-sharing provision intact the use of the!, and many others are family members and associates of Charles is not publicly known who kept a lot cash... July 19, the Paterakis siblings filed an updated accounting of the states political figures, was 87 her. Event in 2015 man who kept a lot of cash on hand ''! Who was also a major donor to many of the states political figures, was 87 Center.. Space worth over $ 1.5 billion suit, John Paterakis looked extremely sad animosity already, that 's larger. When they are fighting over his assets, Weiner said in a of. From this website uses cookies to improve your experience while you navigate through the website function. There is explicit animosity already, that 's a larger red flag in. To many of the states political figures, was 87 hand, '' Tanouye said with Recommended,. Read our moderation policy before leaving a comment you the most relevant by! Opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized as! Work and other things purchase a reprint of this article, contact [ emailprotected.. If there is explicit animosity already, that 's a larger red flag Harbor East developer John.! Publication to no longer include him in their annual list siblings filed an updated accounting of estate.

Collins Funeral Home Bassett, Va Obituaries, Articles P