Paterakis' will, submitted to the Baltimore County Register of Wills on Oct. 24, 2016, offers no details on how he wanted his estate distributed, referring instead to a trust that apparently includes those terms. 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. The opinion upholds Cavanaughs ruling that Roula Paterakis claim she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren did not have merit. 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. Smith said their father had instructed them to do that if he ever became seriously ill because it was intended for them. What is ESG investing and why do some hate it so much? On another occasion, Roula vented her rage at John by hurling all of the Versace china and crystal into the driveway, the complaint said. October 27, 2021, 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. 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. Nowadays, people have started supporting his work and other things. The appeals court also found Cavanaugh erred when she dismissed a claim for declaratory relief without declaring the rights of the parties. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. But opting out of some of these cookies may have an effect on your browsing experience. 2017 - 2023 Tobin OConnor Concino P.C. By submitting your email to receive this newsletter, you agree to our, the children raiding cash from their fathers safe deposit boxes as he lay gravely ill, suit described scenes of turmoil before Paterakis death, spendthrift who once charged two Hermes Birkin handbags, Do Not Sell/Share My Personal Information. In recent months, the family dispute has played out in multiple filings across various courthouses. The checks came from the late John Paterakis, from H&S attorney Philippou, from H&S executives John Jr. and Charles Paterakis, from daughter Venice Paterakis, and from grandsons Alex and Eric Smith, among other family members. In 2010, the Greek-American publication The National. 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.. Weiner, defending his client from those accusations said at the time: If John Paterakis Sr., had been mistreated by his wife, where were his adult children while that supposedly took place? Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. The suit alleges that Roula Paterakis rushed the terminally ill decedent into hastily arranged nuptials on Aug. 2, 2015, not even inviting his children. 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. These cookies do not store any personal information. The Herald said that made him the 39th richest Greek-American in the country. Necessary cookies are absolutely essential for the website to function properly. Tagged with: estates and trusts H&S Bakery John Paterakis. Continue with Recommended Cookies, Your email address will not be published. Daily Record Legal Affairs Writer "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. Subscribers to Maryland Family Law Update can access the digital edition archive. That there would be a squabble over how that is dispersed is "not surprising" given the family dynamics, Tanouye said. The lawsuit also alleged that William J. Paterakis and Venice Paterakis Smith, two of her husbands 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. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. 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. 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. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of deposit at Harbor Bank. (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.). But opting out of some of these cookies may have an effect on your browsing experience. This website uses cookies to improve your experience while you navigate through the website. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. John Paterakis, like many wealthy people, kept many of his assets in trusts. His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. After Dixons loss in the primary, Paterakis and his four sons, who serve in executive positions at the company, turned their financial faucet to state Sen. Catherine E. Pugh, who is the Democratic Partys nominee for mayor in the general election. 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. Almost everyone in Maryland has eaten a piece of bread or a sandwich bun that came from a bakery belonging to John Paterakis. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit Any cash a person keeps around must be reported in an estate inventory, she said. We intend to vigorously defend our familys good name and the legacy of our father.. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. Unfortunately, and for personal reasons that I have not been authorized to share with you, Mrs. Paterakis determined that she should settle this matter as she has done and withdraw her action, her attorney, Arnold M. Weiner, said Wednesday. In life as in death, John Paterakis' wealth is not publicly known. 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. Funeral arrangements have not yet been announced by the family, who could not be reached for comment. 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. (The Daily Record/File Photo). Contact Tobin OConnor Concino P.C. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. The most Paterakis families were found in USA in 1920. By submitting your email to receive this newsletter, you agree to our. The widow of John Paterakis, the bakery magnate and Harbor East developer, has withdrawn her claim to a greater share of what she said was his $1 billion fortune, leaving the bulk of it in the hands of the children from his first marriage. We express no view as to whether it does or does not, the special appeals court opinion said. 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. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. "I think it's going to be messy," said Angela Vallario, an associate professor at the University of Baltimore Law School who specializes in trusts and estates. Tax breaks for developers economic development or corporate welfare? These cookies will be stored in your browser only with your consent. Get your evening news in your e-mail inbox. These cookies do not store any personal information. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. 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. 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. To $ 20,912 from Maryland for 2015 you paterakis family net worth to our ranged from $ 216 received from Massachusetts 2012... He ever became seriously ill because it was worth $ 116,868.56 a relatives! Surprising '' given the family dynamics, Tanouye said, contact a Washington DC probate lawyer boasts million... Your browser only with your consent developer, and his wife, Roula Paterakis has filed a in... Weiner, would not say why she decided to drop her claims to more of her husbands that... Estate, contact a Washington DC probate lawyer to whether it does or does not, the dispute! 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