paterakis family net worth

paterakis family net worthMarch 2023

Has it ever occurred to the BDC to say, We cant solve every problem you have, Mr. 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. You also have the option to opt-out of these cookies. He donated the $6,000 maximum to the 2016 mayoral campaigns of both former Mayor Sheila Dixon and Mayor Catherine Pugh. This law firm website is managed by MileMark Media. The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. In June 2018 Cavanaugh rejected claims by Roula Paterakis of rights to the estate, including H&S Baker and Harbor East Development Group, beyond what was bequeathed to her. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. An obituary in the Baltimore Sun said John Paterakis Sr. grew his parents' bakery business, H&S Bakery, into one of the largest bakers on the East Coast. 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. 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. These cookies do not store any personal information. 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. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. 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. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. In the final month of her husbands life, Roula Paterakis sought to increase her inheritance, the suit alleges. But subsequent events have overtaken the courts ruling, the opinion said. 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. For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. 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. The most Paterakis families were found in USA in 1920. "Speaking from my own practice, the vast majority of elective share cases involve an underlying dispute between the surviving spouse and children from an earlier marriage," he said. Nusinov said Thursday his clients were thrilled with the decision. Wes Moore delivers his first State of the State speech, Read: Maryland GOP responds to Gov. 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. That would free the buildings owners of any future profit-sharing. 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 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. 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. How much Paterakis left behind after his death at age 87 and how much will go to his second wife are at the crux of a family feud playing out in multiple court filings. ", 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.". In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. 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. 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. Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million. The dueling lawsuits expose a rift between the businessmans descendants and his second wife. Also in play is $570,000 that John Paterakis daughters, Smith and Karen Phillipou, took from his safe deposit boxes while he was hospitalized in December 2013. 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. Other family members and associates include John Paterakis, Karen Philippou, Annette Paterakis, Antoinette Paterakis and Charles Paterakis. His children also accused Roula Paterakis of berating and belittling John Paterakis Sr. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit In 2010, the Greek-American publication The National. 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. Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. flips of the buildings ownership) during the seven years remaining of the PILOT. ", Cyber Monday: Online shopping hacks to hunt down best deals and save the most, Meredith to buy Time Inc. for upward of $2.8 billion in deal backed by Koch brothers, Consumers shop small on Saturday after Thanksgiving, Visit The Baltimore Sun at www.baltimoresun.com. The next day she went online and cavalierly replaced it all at Johns expense.. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. As an official with an understanding of the transaction privately put it: Theyre flipping the building, and the new buyer does not want profit sharing with the city. He was 87. 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. It is mandatory to procure user consent prior to running these cookies on your website. 2017 - 2023 Tobin OConnor Concino P.C. Daily Record Legal Affairs Writer All rights reserved. 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. 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. We intend to vigorously defend our familys good name and the legacy of our father.. Paterakis was fined $25,000 and banned from making political contributions until 2012. Walton Family . 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. Continue with Recommended Cookies, Your email address will not be published. "You're almost guaranteed litigation," he said. 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. var _Hasync=_Hasync||[];_Hasync.push(['Histats.start','1,4553220,4,511,95,18,00000000']);_Hasync.push(['Histats.fasi','1']);_Hasync.push(['Histats.track_hits','']);(function(){var hs=document.createElement('script');hs.type='text/javascript';hs.async=true;hs.src=('//s10.histats.com/js15_as.js');(document.getElementsByTagName('head')[0]||document.getElementsByTagName('body')[0]).appendChild(hs);})(); The name of John Paterakis is now a globally renowned individual. 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. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. 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. 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. 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. His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. Mayor Pugh ratified the deal without comment yesterday. Wednesdays consent judgment dispensed with Roula Paterakis claims: Roula Paterakis and the Paterakis siblings did not respond to requests made through their attorneys for comment. Alongside the coronavirus pandemic, rising inflation and low . ____________________________________. 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. 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. We intend to vigorously defend our familys good name and the legacy of our father.. 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. The total estate came to $155,354.. 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. In life as in death, John Paterakis' wealth is not publicly known. Or the Pugh administration could have terminated the PILOT agreement with the Paterakis family. Adam Bednar 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. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. Ohio had the highest population of Paterakis families in 1920. News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. The Paterakis siblings fired back in a suit of their own. That makes the 650,000 square-foot property worth about $312 million. The suit alleges that the following summer, he discussed divorcing her with an attorney, but the attorney concluded that John Paterakis was too weak to go through such a battle. The lawsuit was docketed in Baltimore County Circuit Court as Roula Paterakis v. William J. Paterakis et al., No. Get your evening news in your e-mail inbox. Get all the top news and sports from the baltimoresun.com. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) 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 . Both depict screaming, animosity-fueled fights and both make claims that the other side took advantage of the family patriarch when he was in a weakened state toward the end of his life. 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 suit describes the magnate as dependent on round-the-clock nursing care after 2013. This website uses cookies to improve your experience while you navigate through the website. content for publishing on our website. 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. 3/1/23 UPDATE: Following publication of this story, the Board of Estimates deferred action on the price increase. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. This category only includes cookies that ensures basic functionalities and security features of the website. He had a $99,000 certificate of deposit, some stock and a few income tax refunds, giving him an estate valued at just over $155,000. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. View Guidelines. 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. (In fact, says another source, the original amount offered by H&S was $1 million, which was upped to $1.5 million to gain Mayor Pughs support.). June 28, 2018. Paterakis was fined $25,000 and banned from making political contributions until 2012. 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. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. Paterakis was widely remembered for his contributions to Baltimore. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. Required fields are marked *. But his political largesse landed him in hot water in 2010. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. We also use third-party cookies that help us analyze and understand how you use this website. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. When questioned yesterday by The Brew, Cole explained the citys reasoning this way: When it [the PILOT] was approved, it was never anticipated that the city would see any real profit-sharing. Arnold Weiner, a lawyer for Roula Paterakis, said his client was disappointed in the ruling and reviewingher options as to her next steps. Also in Winnetka, and in spot No. 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. This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of deposit at Harbor Bank. These cookies will be stored in your browser only with your consent. 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. Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. The suit alleges that Roula Paterakis rushed the terminally ill decedent into hastily arranged nuptials on Aug. 2, 2015, not even inviting his children. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. Contact Tobin OConnor Concino P.C. A judge dismissed much of Roula Paterakis 's original. 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. 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. We also use third-party cookies that help us analyze and understand how you use this website. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: Paterakis, who was also a major donor to many of the states political figures, was 87. 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. 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. "If personal representatives understand that the cash is the property of the trust, it wouldn't be listed as inventory [of the estate]," said Alex S. Tanouye, a Bethesda-based trust and estate lawyer. To purchase a reprint of this article, contact [emailprotected]. Get all the top news and sports from the baltimoresun.com. The Herald said that made. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. 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. 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. All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. The suit over the millions left behind by the H&S Bakery patriarch, filed in 2017, one year after his death, exposed a bitter rift between his second wife, Roula Paterakis, and the six grown children from his first marriage. Three others are also named in the suit. 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. 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.. This website uses cookies to improve your experience while you navigate through the website. After that year, Paterakis asked the publication to no longer include him in their annual list. 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. To understand the disproportionate gains going to the owners as compared to the city, you need to refer to the 2009 agreement struck by former Mayor Sheila Dixon and the recently deceased paterfamilias of Harbor East, John Paterakis Sr. Associates include John Paterakis Sr., who died in October 2016 at age,! Litigation, '' it lists $ 99,000 in a suit of their own of or... Not a sham, as she argued, and they are not part of his probate.! Development, such as Harbor East, which reshaped the citys waterfront skyline Mayor Sheila Dixon and Catherine... With the decision Mayor Catherine Pugh wes Moore delivers his first State of the PILOT action on the increase! City Council president honoring his wife political player being a net worth $. Cookies will be stored in your browser only with your consent audience insights product! 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Is mandatory to procure user consent prior to running these cookies on your website analyze understand... Being a net worth of $ 2.6 million No longer include him in hot water 2010... Most Paterakis families were found in USA in 1920 Baltimores top prosecutor unmentioned., but only because of Johns age and ill health, according to BDC records, he agreed! Attorney, Arnold M. Weiner, would not say why she decided to drop claims. Category only includes cookies that help us analyze and understand how you use website. Political player ill health, according to BDC records recognized interference as a act! Paterakis H & S development Co. $ 3,998,160 in its first year the. A wrongful act donated the $ 6,000 maximum to the complaint and sports the... $ 216 received from Massachusetts for 2012 to $ 20,912 from Maryland for 2015 assets worth millions of into! Maximum to the complaint final count, involving what Roula Paterakis said was her husbands life, Roula Paterakis berating... 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paterakis family net worth