John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. These cookies will be stored in your browser only with your consent. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. Headquartered in Baltimore, Maryland, we operate as an integrated network of 10 bakeries and 30 distribution centers located strategically across the Eastern seaboard, not including our strategic partners which expands our reach even further. 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. The complaint filed Thursday against Roula Paterakis, who married the businessman about a year before his death although they had lived together since 2001, seeks to lift the cloud she created by her own suit over his estate. The suit said John Paterakis intended for her to receive the Timonium house where they lived, its furnishings, an IRA of more than $500,000, a life insurance benefit of $647,500 and $250,000 in cash. John Paterakis Sr.s involvement in politics wasnt without controversy. But subsequent events have overtaken the courts ruling, the opinion said. Judge Colleen Cavanaughrejectedclaims Wednesday by Roula Paterakis of rights to the estate, beyond what was bequeathed to her, including H&S Bakery andHarbor East Development Group. 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. But opting out of some of these cookies may have an effect on your browsing experience. Save my name, email, and website in this browser for the next time I comment. But the siblings suit casts doubt on that document, saying it is not signed or witnessed. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Please read our moderation policy before leaving a comment. The suit alleges that Roula Paterakis rushed the terminally ill decedent into hastily arranged nuptials on Aug. 2, 2015, not even inviting his children. The Paterakis family name was found in the USA, and Canada between 1911 and 1920. Three others are also named in the suit. 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. 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. For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. After that year, Paterakis asked the publication to no longer include him in their annual list. Please read our moderation policy before leaving a comment. The dueling lawsuits expose a rift between the businessmans descendants and his second wife. (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.). (Karen Jackson/Baltimore Sun). 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 . It is not. Get breaking news, exclusive stories, and money- making insights straight into your inbox. You are providing the support to help a marginal project to be viable.. ", 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 his political largesse landed him in hot water in 2010. You dont do these deals if theres profit to be made. 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. Subscribers to Maryland Family Law Update can access the digital edition archive. Moores State of the State speech, Podcast: Angie Barnett, Better Business Bureau of Greater Maryland, Off the Record with Sloane Brown: Rene Hutchins, University of Maryland Carey School of Law, DEVIN BATTLEY and LINDBERGH PARK OWNERS ASSOCIATION v. MONTGOMERY COUNTY, MARYLAND, IN THE MATTER OF THE PETITION OF MICHAEL POOL, Law Digest -- 4th US Circuit -- Feb. 23, 2023, Find out what attorneys think of the economics of the business in our Maryland Lawyers Confidence Index, Get assistance for your case with litigation support, See digested appellate court opinions in Law Digest, 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. 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. Now, some of that's becoming public. Shunning the thought of retirement despite poor health, Paterakis was involved in the expansion of his domain to the east side of Central Avenue with the proposed $170 million "Liberty Harbor East" project. Subscribers to The Daily Record can access the digital edition archive. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. Judge rules against second wife in John Paterakis Sr. estate dispute, Video Series: Off the Record with Sloane Brown, Cybersecurity experts warn lack of urgency to warnings is greatest threat, Companies update the office to lure employees back from home, Eastern Shore focused on highlighting economic diversity, Washington metro area becoming economic driver for Maryland, Baltimore metro area sees economic swings across sectors, DEVIN BATTLEY and LINDBERGH PARK OWNERS ASSOCIATION v. MONTGOMERY COUNTY, MARYLAND, IN THE MATTER OF THE PETITION OF MICHAEL POOL, Law Digest -- 4th US Circuit -- Feb. 23, 2023, 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. Jeffrey E. Nusinov, who represents Bill Paterakis and Smith, said Roula Paterakis suit, which initially sought a third of what she said was her husbands $1 billion fortune, has been chipped away over the years to almost nothing. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. In general, Paterakis was involved in local and . Are the children willing to give that up to avoid the fight? ", 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. By submitting your email to receive this newsletter, you agree to our. "The Paterakis family is determined to resist her effort, to establish the truth about what occurred and to vindicate the family's good name." . Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: 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. Arnold Weiner, a lawyer for Roula Paterakis, said his client was disappointed in the ruling and reviewingher options as to her next steps. The $570,000 that the siblings retrieved from one of their fathers safe deposit boxes in 2013 are considered gifts, and he had no additional cash in them at the time of his death. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. But opting out of some of these cookies may have an effect on your browsing experience. 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. Required fields are marked *. 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. John Paterakis Sr. died Oct. 16 at age 87. Since John Paterakis had surviving children, Roulas elective share would have been one third of his estate. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. Mr. Paterakis married Antoinette "Toni" Apostolou, in 1950; they had six children and divorced about 40 years later. 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. 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. 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. Or the Pugh administration could have terminated the PILOT agreement with the Paterakis family. The battle over the Paterakis fortune represents the worst-case scenario as far as probate disputes, but even a dispute over a smaller estate can be stressful. 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. 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 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. Walton Family . 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. By: Steve Lash 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. 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. Necessary cookies are absolutely essential for the website to function properly. Subscribers to The Daily Record can access the digital edition archive. By 2015, the suit said, he was frail and kept alive with drugs flown in from outside the country.. Washington, District of Columbia 20015. 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. These cookies do not store any personal information. We are going to honor his (Paterakis) wishes., Roula Paterakis filed suit in November 2017 in Baltimore County Circuit Court, alleging her late husbands children conspired to deprive her of her rightful share of Johns estate.. There were also funeral expenses and probate fees and other administrative costs. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. Daily Record Business Writer He was 87. 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. 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. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. She did not get a penny more than we always said she was entitled to, said Jeffrey E. Nusinov, of Nusinov Smith LLP in Baltimore. Its noteworthy that the children waited until John was long dead and until they were fighting over his money to express these alleged concerns about his welfare.. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. 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. "If there is explicit animosity already, that's a larger red flag. 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. The lawsuit was docketed in Baltimore County Circuit Court as Roula Paterakis v. William J. Paterakis et al., No. In life as in death, John Paterakis' wealth is not publicly known. (Fern Shen). "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. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. And it will be downright stupendous for the Paterakis clan. 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. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. 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. It is mandatory to procure user consent prior to running these cookies on your website. He was 87 when he died on Oct. 16, 2016, from complications of a bone marrow disease. "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. However, his political largesse landed him in trouble in 2010. 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.. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. Distributed by Tribune Content Agency, LLC. Subscribers to Maryland Family Law Update can access the digital edition archive. But the Legg Mason Tower is scarcely marginal it boasts some of the highest rents in the city, is fully leased, and is under contract to sell at an extraordinary $480 per square foot, according to the Baltimore Business Journal. The total estate came to $155,354.. "There must be some basis for personal representatives to take the position it's not the property of the estate.". Paterakis was widely remembered for his contributions to Baltimore. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. 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. 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. 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