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. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. There were also funeral expenses and probate fees and other administrative costs. 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. 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 Paterakis has withdrawn her lawsuit against her stepchildren and a business associate of her husbands over her inheritance. This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. Stephen's personal network of family, friends, associates & neighbors include Antonia Paterakis, John Paterakis, Victoria Mclaughlin, Annette Paterakis and Antoinette Paterakis. These items are $647,500 in life insurance, an Individual Retirement Account worth about $650,000, $250,000 cash and the house she co-owned with her husband in Lutherville-Timonium, the childrens attorney said. So theyre buying the city out cheaply.. 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. Subscribers to Maryland Family Law Update can access the digital edition archive. The Herald said that made. 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. News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. Subscribers to Maryland Family Law Update can access the digital edition archive. This category only includes cookies that ensures basic functionalities and security features of the website. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. When John Paterakis died, the value of his assets that went through probate was only $200,000, but his net worth was nearly a billion dollars, if not more. The trust is not public. Nov. 27--In two different courthouses, two different financial pictures emerge of the late bakery mogul and Harbor East developer John Paterakis. "They almost always settle," Tanouye said. He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. Crumbs being relative, of course, with the Court of Special Appeals sending the issue of the alleged $20 million promise back to the lower court for review. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. You also have the option to opt-out of these cookies. 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.. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. The blue-chip, glass-clad Legg Mason Building at Harbor East. The siblings suit says that John Paterakis had some bakery business cash delivered to the house and some or all of these funds may not have been properly reported for tax purposes. But it goes on to allege that Roula Paterakis routinely spent and benefited from this cash and was unjustly enriched by amounts that should have been paid in taxes.. His children also accused Roula Paterakis of berating and belittling John Paterakis Sr. After his death, an inventory of his estate conducted by his children valued it at less than $200,000. We intend to vigorously defend our familys good name and the legacy of our father.. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. From Paris' US$300 million empire and Nicky's Rothschild banking billions to RHOBH sisters Kathy and Kyle Richards - the hotel family's net worths, ranked Friends of Donald Trump and Michael. 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. 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. 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. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. Since John Paterakis had surviving children, Roulas elective share would have been one third of his estate. August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. Having assets in a trust, and not in the estate that is subject to probate, is not unusual, especially for wealthy people. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. 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. 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. Eventually John Paterakis Sr. invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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.. John Paterakis in an undated photograph at a family reception. Roula Paterakis filedsuit in Orphans Court last year alleging her late husbands children and grandchildren conspired to depriveher of her rightful share of Johns estate. Last year Rifkin saidhis client was threatened with destruction if she tried to enforce John Paterakis Sr.s promise to leave her $20 million. The lawsuitalso accused Roula Paterakis of berating and belittling John Paterakis Sr. 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. We also use third-party cookies that help us analyze and understand how you use this website. 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. By clicking Accept, you consent to the use of ALL the cookies. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. His rise to prominence has resulted from his/her dedication to hard work. A subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. 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. In general, Paterakis was involved in local and . Weiner is with Rifkin Weiner Livingston LLC in Baltimore. 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. 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 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. Required fields are marked *. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. "If there is explicit animosity already, that's a larger red flag. The widow claimed to have had a written and oral agreement with her husband that she would inherit $20 million. 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. Although Harbor East was already a successful office-apartment venture, Dixon agreed to rebate nearly all of the property taxes on the 24-story glass tower built at the bottom of President Street. 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. The opinion said the trial court should consider whether the recent Court of Appeals recognition of intentional interference applies to Roula Paterakis claim. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. 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. John Paterakis involvement in politics wasnt without controversy. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. Roula Paterakis wants the court to see her as a victim, but as our filing today shows, she was no victim, said Jeffrey E. Nusinov, who represents William Paterakis and Venice Smith. Alongside the coronavirus pandemic, rising inflation and low . 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. 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. By clicking Accept, you consent to the use of ALL the cookies. Tax breaks for developers economic development or corporate welfare? John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. (Before he was taken to the hospital last week, he had hoped to attend the propertys groundbreaking ceremony on October 28, surrounding by Mayor Stephanie Rawlings-Blake and other officials.). For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. Ohio had the highest population of Paterakis families in 1920. 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