Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. 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. He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. Funeral arrangements have not yet been announced by the family, who could not be reached for comment. Tagged with: estates and trusts H&S Bakery John Paterakis. flips of the buildings ownership) during the seven years remaining of the PILOT. 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. 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. 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. We intend to vigorously defend our familys good name and the legacy of our father.. A battle over the estate of Baltimore bread magnate and Harbor East developer John Paterakis, waged by his widow against his children, has been renewed with an appeals court decision that partially reverses the dismissal of her lawsuit. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. 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. 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 Paterakis has withdrawn her lawsuit against her stepchildren and a business associate of her husbands over her inheritance. Washington, District of Columbia 20015. 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. Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. 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. John Paterakis, like many wealthy people, kept many of his assets in trusts. Is your client emotionally ready for retirement? Eventually John Paterakis Sr. invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. ____________________________________. (UPDATE: A private service will be held on Thursday, October 20.). She has filed a claim to one-third of that estate as allowed by statute. You are providing the support to help a marginal project to be viable.. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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 subsequent events have overtaken the courts ruling, the opinion said. 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. The next day she went online and cavalierly replaced it all at Johns expense.. 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. 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. for help. In that action, the widow alleged that her husbands children concealed millions of dollars of what she said is a $1 billion fortune to deny her a rightful share of it. A deals a deal. There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. This website uses cookies to improve your experience while you navigate through the website. 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. Necessary cookies are absolutely essential for the website to function properly. 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. Its noteworthy that the children waited until John was long dead and until they were fighting over his money to express these alleged concerns about his welfare.. 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. Get all the top news and sports from the baltimoresun.com. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. 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 Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. (Fern Shen). 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. We intend to vigorously defend our familys good name and the legacy of our father.. In 2010, the Greek-American publication The National. These cookies do not store any personal information. an IRA worth more than $500,000 and . All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. 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. 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. Paterakis who grew his familys small, rowhouse-based bakery into a behemoth that supplies the likes of McDonalds and transformed a largely industrial tract of land into glitzy Harbor East died the following month. 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. 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. Our source scoffed at this explanation, saying, I bet its what George Philippou offered them, referring to the longtime lawyer for H&S Properties, who is married to the youngest daughter of the late John Paterakis. "A billionaire could die with much of his income sheltered.". Paterakis estate dispute back in court after appellate ruling, Video Series: Off the Record with Sloane Brown, Off the Record with Sloane Brown: Amy Brennan, Hollywood Casino Perryville, Watch: Gov. A judge dismissed much of Roula Paterakis 's original. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. While John Paterakis, for all his business and civic prominence in Baltimore, lived a largely private life, the suits filed by his widow and now his children since his death expose much of what they claim was happening behind the scenes. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. John Paterakis in an undated photograph at a family reception. With this distraction put to bed, the Paterakis family will continue to honor John Paterakis true testamentary wishes and his legacy of supporting Baltimore.. But William Paterakis and Venice Smith say in their newly filed complaint that their fathers estate planning was lawful, and took place before he married his second wife. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. 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. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. Also in Winnetka, and in spot No. 1. 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. Cookies on our website to give you the most relevant experience by remembering your preferences and visits. Arrangements have not yet been announced by the family he eventually moved real... 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