Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. 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. 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. 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. 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. It is mandatory to procure user consent prior to running these cookies on your website. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. Roula seeks to undermine John Paterakis's careful, legitimate estate and business succession planning. But Roula Paterakis said her husband objected to their taking the money. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. 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. Up/down is compared to their net worth in 2015. 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. According to his wife Roula, with whom he was in a relationship since 2001 whom he married about a year before his death, he also kept millions of dollars in cash in safes located on his real estate properties. They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. Mr. 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. Get all the top news and sports from the baltimoresun.com. By: Special to The Daily Record Paterakis made me a believer, former Mayor Stephanie Rawlings-Blake said at the event, recalling her initial opposition to the Baltimore Marriott Waterfront being built in Harbor East. These items are $647,500 in life insurance, an. The lawsuitalso accused Roula Paterakis of berating and belittling John Paterakis Sr. 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. That makes the 650,000 square-foot property worth about $312 million. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. Other family members and associates include John Paterakis, Karen Philippou, Annette Paterakis, Antoinette Paterakis and Charles Paterakis. Please read our moderation policy before leaving a comment. On Oct. 11, she sought another three-month extension, citing a dispute over the estate. 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. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. 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. A subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. A deals a deal. 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. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. 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. 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. Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. But his political largesse landed him in hot water in 2010. 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. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. Adam Bednar It is mandatory to procure user consent prior to running these cookies on your website. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. [John Paterakis, multimillionaire baker and Baltimore developer, dies]. You also have the option to opt-out of these cookies. 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. You are providing the support to help a marginal project to be viable.. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. 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. According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. 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. You also have the option to opt-out of these cookies. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. But opting out of some of these cookies may have an effect on your browsing experience. 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 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. Get your evening news in your e-mail inbox. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. These cookies do not store any personal information. The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. 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. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. ____________________________________ Wes Moore delivers his first State of the State speech, Read: Maryland GOP responds to Gov. John Paterakis Sr.s involvement in politics wasnt without controversy. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. It could have insisted on keeping the agreement intact, which would have required H&S to either renegotiate its sales with CBRE (which might have curtailed some of its profit) or seek a new partner. It is not. Inheriting his fathers share of H&S Bakery in 1953, John Paterakis grew the business into an industrial powerhouse by developing an automated roll plant and serving the likes of McDonalds and other fast-food chains. We intend to vigorously defend our familys good name and the legacy of our father.. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. One example of his prowess was how quickly he managed to raise more than $130,000 for ex-mayor Dixon in the Democratic Party primary for mayor. Roula Paterakis attorney, Arnold M. Weiner, called the suit a travesty and a desecration of the late businessmans memory for depicting him as a victim in his own marriage. Is your client emotionally ready for retirement? Paterakis was fined $25,000 and banned from making political contributions until 2012. But opting out of some of these cookies may have an effect on your browsing experience. She was not able to get beyond the fact that her allegations were frivolous, he said of Roula Paterakis. (The Daily Record/File Photo). 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 trust is not public. Necessary cookies are absolutely essential for the website to function properly. (1213people.com). 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. Are the children willing to give that up to avoid the fight? You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. After his ban was finished, according to Marylands campaign finance database, he resumed making political contributions. Get breaking news, exclusive stories, and money- making insights straight into your inbox. 290, Josephine Louis and family are heirs to the SC Johnson family fortune and have a net worth of $2.2 billion. Charles's annual salary is between $30 . 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. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. By: Steve Lash [Paterakis pleads guilty, will pay $26,000 in fines]. (Karen Jackson/Baltimore Sun). 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. Alongside the coronavirus pandemic, rising inflation and low . In 2010, the Greek-American publication The National. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. Subscribers to Maryland Family Law Update can access the digital edition archive. In her lawsuit, Roula Paterakis said her husband kept millions of dollars in cash in safes and bank accounts that should be in the estate, and that William Paterakis and Venice Smith had filed false tax returns that didnt account for such assets. This website uses cookies to improve your experience while you navigate through the website. To purchase a reprint of this article, contact [emailprotected]. After supporting Dixon during the mayoral primary (which she lost to Pugh), the family switched allegiance and funneled $58,000 to Pugh mostly in $6,000 chunks, the legal limit, and most of it coming on a single day, July 22, 2016. These cookies do not store any personal information. According to Roula Paterakis' lawsuit, that figure should be much greater. This law firm website is managed by MileMark Media. Now, some of that's becoming public. 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. 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. Nusinov called the handwritten document suspect at best, characterizing it as illegible and having no legal validity.. flips of the buildings ownership) during the seven years remaining of the PILOT. Necessary cookies are absolutely essential for the website to function properly. This website uses cookies to improve your experience while you navigate through the website. Net worth: $24.5 billion Source of wealth: Hearst Corporation About 67 family members share the fortune that William Randolph Hearst created when he took over the San Francisco Examiner in the . Funeral arrangements have not yet been announced by the family, who could not be reached for comment. Also in Winnetka, and in spot No. Subscribers to The Daily Record can access the digital edition archive. Roula Paterakis argued that by law she was entitled to a third of her husbands estate, and that estate should include assets held in trusts, as well as the cash hoards and play money that he kept in safes, safe deposit boxes and bank accounts, money that he freely spent on poker games, travel on private jets and gifts.
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