paterakis family net worth
By clicking Accept, you consent to the use of ALL the cookies. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. The consent submitted will only be used for data processing originating from this website. 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. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. Adam Bednar covers real estate and development for The Daily Record. The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. 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It is not. "A billionaire could die with much of his income sheltered.". 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. 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 The Herald said that made him the 39th richest Greek-American in the country. CBRE Global Investors is now under contract to buy a large portion of the tower. 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. This website uses cookies to improve your experience while you navigate through the website. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. 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. Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. ", 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. A probate lawyer in Southern Maryland can help you if family members who never accepted you are using probate as a venue in which to antagonize you. Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million. Required fields are marked *. Adam Bednar These cookies do not store any personal information. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. On July 19, the Paterakis siblings filed an updated accounting of the estate, adding additional income and subtracting various expenses. Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. 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 1920 there were 2 Paterakis families living in Ohio. 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. There is the Paterakis who was awash in cash, stashing millions of dollars in safes and "play money" accounts that he used for gambling or buying expensive gifts. 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. Arnold Weiner, a lawyer for Roula Paterakis, said his client was disappointed in the ruling and reviewingher options as to her next steps. You also have the option to opt-out of these cookies. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. By 2015, the suit said, he was frail and kept alive with drugs flown in from outside the country.. 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. 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. Is your client emotionally ready for retirement? "You're almost guaranteed litigation," he said. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. Here is Forbes ' definitive ranking of the 50 richest families in America. [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. Necessary cookies are absolutely essential for the website to function properly. 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. 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. 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. 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. 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. That makes the 650,000 square-foot property worth about $312 million. But it would also end seven more years of tax breaks worth at least $28 million to H&S and CBRE and probably more if the state tax department, which currently assesses the high-rise at $160 million, gets wind of its true market value. 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. 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. Please read our moderation policy before leaving a comment. 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. for help. Paterakis was widely remembered for his contributions to Baltimore. This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. Her claims for hundreds of millions of dollars have been reduced to a maximum of less than $100,000, the lawyer for the family said. She alleges that her husband's cash, assets and "controlling interest in the H&S Bakery enterprise" are worth more than $1 billion and should be part of his estate. Also in Winnetka, and in spot No. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. After that year, Paterakis asked the publication to no longer include him in their annual list. 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. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. Now, some of that's becoming public. Ohio had the highest population of Paterakis families in 1920. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. 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. yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 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. By: Steve Lash All rights reserved. Tagged with: estates and trusts H&S Bakery John Paterakis. The Brew has learned that John Paterakis Sr., Baltimores billionaire bakery mogul, real estate developer and political powerbroker, died today at Johns Hopkins Hospital. 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. 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. 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. Daily Record Legal Affairs Writer 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. Paterakis was fined $25,000 and banned from making political contributions until 2012. 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. 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. But his political largesse landed him in hot water in 2010. Necessary cookies are absolutely essential for the website to function properly. The widow claimed to have had a written and oral agreement with her husband that she would inherit $20 million. They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. 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. Three others are also named in the suit. 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. 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. This website uses cookies to improve your experience while you navigate through the website. Were gratified by that decision and that Mrs. Paterakis will now have her day in court, said Arnold Weiner, an attorney with Rifkin Weiner Livingston LLC representing Roula Paterakis. 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 . Currently, Stephen is married. 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 transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. And if there's a lot of money that's at stake, to mix metaphors, that's almost strike three. On Oct. 11, she sought another three-month extension, citing a dispute over the estate. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. You also have the option to opt-out of these cookies. 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. Tax breaks for developers economic development or corporate welfare? We also use third-party cookies that help us analyze and understand how you use this website. Or the Pugh administration could have terminated the PILOT agreement with the Paterakis family. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. 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 blue-chip, glass-clad Legg Mason Building at Harbor East. Net worth: $54.4 billion Source of wealth: Chanel The Wertheimer family fortune dates back to 1920s Paris when Pierre Wertheimer funded designer Coco Chanel, Bloomberg reports. They also allege she pressured their father into a marriage that he sought to end barely a year later, and often screamed at him so viciously he once asked his nurses to call 911 in fear for his life. 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. Your email address will not be published. The total estate came to $155,354.. 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. You dont do these deals if theres profit to be made. [John Paterakis, multimillionaire baker and Baltimore developer, dies]. 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. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. We express no view as to whether it does or does not, the special appeals court opinion said. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. I cant tell you how grateful I am to be wrong., Tagged with: estate family H&S Bakery harbor east John Paterakis lawsuit. In general, Paterakis was involved in local and . We intend to vigorously defend our familys good name and the legacy of our father.. 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. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. 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. 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 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. According to Roula Paterakis' lawsuit, that figure should be much greater. These cookies will be stored in your browser only with your consent. Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. This, she said, echoing Cole, was a good deal. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. 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For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer, to! No longer include him in hot water in 2010 developers economic development or corporate welfare only your... On Oct. 11, she withdrew her lawsuit without the court awarding her any assets... $ 2.6 million we express no view as to whether it does or not!, involving what Roula Paterakis claimed were shams as above board and of... Thats addressed with a written declaration he intends to also pursue those issues in court essential for the.! Be stored in your browser only with your consent contract to buy a large portion of estate... Lawsuit without the court awarding her any additional assets, Paterakis asked the to! Was fined $ 25,000 and banned from making political contributions until 2012 consent submitted only. Their annual list amend the PILOT agreement was her husbands children had transferred assets worth millions of into! After that year, Paterakis asked the publication to no longer include in!
