By: Steve Lash 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 way to reach here was not easy at all. 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. Get all the top news and sports from the baltimoresun.com. The amount that leaves in dispute is about $570,000. 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. As John Paterakis health began failing, the suit charges, she became concerned not with his well-being but with ensuring that she got as much of his fortune as possible. All rights reserved. But his political largesse landed him in hot water in 2010. Developer. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. 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. Loving father of Stephen Paterakis and his wife Vickie, William Paterakis and his late wife Deborah, Vanessa Smith and her husband Frederick, John Paterakis, Jr. and his wife Emily, Charles. But opting out of some of these cookies may have an effect on your browsing experience. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. The opinion said the trial court should consider whether the recent Court of Appeals recognition of intentional interference applies to Roula Paterakis claim. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. He donated the $6,000 maximum to the 2016 mayoral campaigns of both former Mayor Sheila Dixon and Mayor Catherine Pugh. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. 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. ", 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. John Paterakis Sr.s involvement in politics wasnt without controversy. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. She has filed a claim to one-third of that estate as allowed by statute. By clicking Accept, you consent to the use of ALL the cookies. 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. By 2015, the suit said, he was frail and kept alive with drugs flown in from outside the country.. Tagged with: estates and trusts H&S Bakery John Paterakis. Subscribers to The Daily Record can access the digital edition archive. Distributed by Tribune Content Agency, LLC. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. "You're almost guaranteed litigation," he said. This website uses cookies to improve your experience while you navigate through the website. 1. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. Currently, Stephen is married. At the urging of then-mayor William Donald Schaefer, he reluctantly agreed to try his hand at redeveloping the land. Paterakis, who was also a major donor to many of the states political figures, was 87. This category only includes cookies that ensures basic functionalities and security features of the website. 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. 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. 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. At issue is reconciling what Roula Paterakis' lawsuit says is "cash hoards" that her late husband maintained in an office safe, bank accounts and safe deposit boxes, with what has been filed in Orphans' Court, which makes no mention of such stashes, she said. 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. It set off a series of charges and countercharges of scandalous behavior of the children raiding cash from their fathers safe deposit boxes as he lay gravely ill in a hospital, of the second wife spending lavishly like a material girl and taking advantage of his frailty late in life until it was dismissed in June 2018. The Herald said that made. (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.). "If there is explicit animosity already, that's a larger red flag. The dueling lawsuits expose a rift between the businessmans descendants and his second wife. Save my name, email, and website in this browser for the next time I comment. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. She is still wealthy by most estimates, though; she owns the house where she and John Paterakis lived together, as well as bank accounts worth about $800,000. Her suit described scenes of turmoil before Paterakis death and afterward, of fights breaking out in Harbor East restaurants and the siblings helping themselves to their fathers cash hoards and so-called play money. The siblings fired back, characterizing her as a spendthrift who once charged two Hermes Birkin handbags to her hotel room in Las Vegas and pressured him into a hasty wedding. ____________________________________ The suit originally included Smiths son, the restaurateur Alex Smith, although the opinion said in a footnote that Roula Paterakis voluntarily dismissed claims against him. To purchase a reprint of this article, contact [emailprotected]. 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 and chairman of H&S Bakery, wrote in a signed letter to employees in November 2017. Since John Paterakis had surviving children, Roulas elective share would have been one third of his estate. [Paterakis pleads guilty, will pay $26,000 in fines]. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. Both depict screaming, animosity-fueled fights and both make claims that the other side took advantage of the family patriarch when he was in a weakened state toward the end of his life. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. By some estimates, Paterakis owned assets valued at more than $1 billion. A complaint from the family filed in Baltimore County in late 2017 called Roula Paterakis accustomed to extravagant living. It then went on to describe her as having latched on to a wealthy divorced man and pressured a weak and increasingly confused man into a hastily arranged marriage. 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. CBRE Global Investors is now under contract to buy a large portion of the tower. Necessary cookies are absolutely essential for the website to function properly. Washington, District of Columbia 20015. 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. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. Here is Forbes ' definitive ranking of the 50 richest families in America. We express no view as to whether it does or does not, the special appeals court opinion said. 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. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. Mr. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. O3-C-18001742. 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Paterakis was widely remembered for his contributions to Baltimore. Are the children willing to give that up to avoid the fight? One third of $200,000 is a negligible amount of money compared to the total of the Paterakis family fortune, so in Roulas 2017 lawsuit, she tried to persuade the court to include some non-probate assets in the valuation of the estate. Daily Record Legal Affairs Writer A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. Both sides accused the other of manipulating and taking advantage of the fading Paterakis in the final years before his death from complications of a bone marrow disease. Paterakis took his fathers bakery, located in their East Baltimore rowhouse, and built it into a what its website touts as Americas largest family-owned variety baker, with one of its plants making two million buns a day for McDonalds. The suit said he later told a business associate that he was confused, and thought he was dressing up to attend a birthday party. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. On Oct. 11, she sought another three-month extension, citing a dispute over the estate. These cookies will be stored in your browser only with your consent. In an unreported opinion filed Thursday, the Court of Special Appeals found Baltimore County Judge Colleen Cavanaugh erred in rulings involving issues regarding stashes of cash kept by John Paterakis Sr., and a written and oral agreement between John Paterakis and Roula Paterakis that she would inherit $20 million. 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. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. "If I leave any written instructions regarding the distribution of any assets," Paterakis said in the will signed about a year earlier, he hoped and expected beneficiaries would "carry out my instructions and honor my wishes.". All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. 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. John Paterakis Sr., the risk-taking Baltimore native who built his H&S Bakery into the largest privately owned bakery in the country and redeveloped Harbor East, died Sunday at Johns Hopkins. His children also accused Roula Paterakis of berating and belittling John Paterakis Sr. 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. You also have the option to opt-out of these cookies. The agreement and judgment was a complete victory, said Jeffrey E. Nusinov, who represented William J. Paterakis and Venice Paterakis Smith, the siblings who were named by their father as personal representatives of his estate. 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 and his second wife had lived together since 2001, and married in 2015. You also have the option to opt-out of these cookies. The Herald said that made him the 39th richest Greek-American in the country. 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. We also use third-party cookies that help us analyze and understand how you use this website. Subscribers to Maryland Family Law Update can access the digital edition archive. John Paterakis Sr. is inducted into the Baltimore Suns Business and Civic Hall of Fame last June at the Center Club. 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. By clicking Accept, you consent to the use of ALL the cookies. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. 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. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. Thus, H&Ss offer of $1.5 million to the city to get rid of the profit-sharing and perhaps more significantly to allow two more change-in-control events (a.k.a. An obituary in the Baltimore Sun said John Paterakis Sr. grew his parents' bakery business, H&S Bakery, into one of the largest bakers on the East Coast. 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. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. 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. Baltimore County Circuit Judge Colleen A. Cavanaugh found Roula Paterakis claim of sham trust transactions to be without merit, a determination affirmed by the Court of Special Appeals. In life as in death, John Paterakis' wealth is not publicly known. 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. The suit alleges that Roula Paterakis rushed the terminally ill decedent into hastily arranged nuptials on Aug. 2, 2015, not even inviting his children. A judge dismissed much of Roula Paterakis 's original. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. 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. A rift between the businessmans descendants and his second wife as Harbor East, which recognized interference a! 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