In recent months, the family dispute has played out in multiple filings across various courthouses. Paterakis and his second wife had lived together since 2001, and married in 2015. (See below the list for the full methodology.) 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. 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. This category only includes cookies that ensures basic functionalities and security features of the website. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. To purchase a reprint of this article, contact [emailprotected]. And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. [John Paterakis, multimillionaire baker and Baltimore developer, dies]. How much of John Paterakis' wealth is rightfully a part of his estate and thus subject to his widow's claim to one-third of it will be hashed out among lawyers and in court. Distributed by Tribune Content Agency, LLC. Paterakis was fined $25,000 and banned from making political contributions until 2012. 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. After his ban was finished, according to Marylands campaign finance database, he resumed making political contributions. These cookies will be stored in your browser only with your consent. It is not. Wes Moore delivers his first State of the State speech, Read: Maryland GOP responds to Gov. Nov. 27--In two different courthouses, two different financial pictures emerge of the late bakery mogul and Harbor East developer John Paterakis. Has it ever occurred to the BDC to say, We cant solve every problem you have, Mr. Developer. View Guidelines. 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. 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. Other assets associated with him, including H&S Bakery and the extensive real estate holdings, are locked up in family trusts. 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.. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. The total estate came to $155,354.. This category only includes cookies that ensures basic functionalities and security features of the 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. She has filed a claim to one-third of that estate as allowed by statute. 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. Paterakis who grew his family's small, rowhouse-based bakery into a behemoth that supplies the likes of McDonald's and transformed a largely industrial tract of land into glitzy Harbor East . She was not able to get beyond the fact that her allegations were frivolous, he said of Roula Paterakis. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. 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.. yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 By: Adam Bednar You also have the option to opt-out of these cookies. ", 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. Subscribers to Maryland Family Law Update can access the digital edition archive. 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. So theyre buying the city out cheaply.. 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.. 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. A consent judgment filed Wednesday in Baltimore County Circuit Court ended a messy, four-year legal battle between Roula Paterakis, the widow of the man who turned H&S Bakery from a family business into a conglomerate, and his six grown children, other family members and a business associate. Bill Cole insisted yesterday that the $1.5 million payment by H&S is far above what we believe the city would get in the remaining seven years of the PILOT.. 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. 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. Daily Record Business Writer Mr. "There must be some basis for personal representatives to take the position it's not the property of the estate.". 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. But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. 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. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. This strategy changed when H&S decided to put the building on the market. 2017 - 2023 Tobin OConnor Concino P.C. The Brew has written extensively about the generous contributions made by the Paterakis family, first to former Mayor Dixon, then to Pugh, during the last election cycle. 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. However, his political largesse landed him in trouble in 2010. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. 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. 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. Get your evening news in your e-mail inbox. ____________________________________. He paid a fine of $26,000 and was briefly barred from contributing to political campaigns, but came back strong during the current election cycle. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. Daily Record Legal Affairs Writer Here was a power player who had gotten what he wanted from City Hall for decades. The family alleged Roula, unhappy with the money left to her in the estate including 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, according to the complaint. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) 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.. 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. (1213people.com). Subscribers to Maryland Family Law Update can access the digital edition archive. O3-C-18001742. 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