These items are $647,500 in life insurance, an. The Herald said that made. Now, some of that's becoming public. In general, Paterakis was involved in local and . He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. In 1920 there were 2 Paterakis families living in Ohio. 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. 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. They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. Any cash a person keeps around must be reported in an estate inventory, she said. It is mandatory to procure user consent prior to running these cookies on your website. Smith said their father had instructed them to do that if he ever became seriously ill because it was intended for them. Mayor Pugh ratified the deal without comment yesterday. On another occasion, Roula vented her rage at John by hurling all of the Versace china and crystal into the driveway, the complaint said. "There are legitimate ways to shelter income," said Bobby Waldrup, accounting professor and interim associate dean of the Sellinger School of Business at Loyola University Maryland. The trust is not public. 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. 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. Continue with Recommended Cookies, Your email address will not be published. Other family members and associates include John Paterakis, Karen Philippou, Annette Paterakis, Antoinette Paterakis and Charles Paterakis. 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. But the evidence was weak that Mosby accepted money from controlled donors, or people doing business with the city, Judge Lawrence Fletcher-Hill decides. 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. On July 19, the Paterakis siblings filed an updated accounting of the estate, adding additional income and subtracting various expenses. By some estimates, Paterakis owned assets valued at more than $1 billion. This category only includes cookies that ensures basic functionalities and security features of the website. "They almost always settle," Tanouye said. 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. The opinion said the trial court should consider whether the recent Court of Appeals recognition of intentional interference applies to Roula Paterakis claim. 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. Subscribers to The Daily Record can access the digital edition archive. The dueling lawsuits expose a rift between the businessmans descendants and his second wife. content for publishing on our website. In 2009, Paterakis pleaded guilty to two counts of campaign finance violations in connection with a secret $6,000 payment to City Councilwoman Helen L. Holton for a political poll. 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. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Roula Paterakis filed suit in Orphans Court the year before alleging her late husbands children and grandchildren conspired to deprive her of her rightful share of Johns estate.. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. View FREE Public Profile & Reputation for Charles Paterakis in Baltimore, MD - See Court Records | Photos | Address, Emails & Phone Number | Personal Review | $30 - $39,999 Income & Net Worth . The suit alleges that the following summer, he discussed divorcing her with an attorney, but the attorney concluded that John Paterakis was too weak to go through such a battle. 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. "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. 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. Up/down is compared to their net worth in 2015. Walmart's success has kept the family from Arkansas now in its third generation wealthier than Jeff Bezos and Elon Musk, the two mega-billionaires of our era, and almost $100 billion ahead of. This, she said, echoing Cole, was a good deal. 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. CBRE Global Investors is now under contract to buy a large portion of the tower. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. Save my name, email, and website in this browser for the next time I comment. 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. This strategy changed when H&S decided to put the building on the market. Get all the top news and sports from the baltimoresun.com. These cookies will be stored in your browser only with your consent. He was referred to as the bread man by some politicians, a nod not only to his successful bakery but to his ability to make campaign contributions. "If there is explicit animosity already, that's a larger red flag. But CBRE wont do the deal with the profit-sharing provision intact. (You Tube), There was, however, a proviso in the PILOT agreement that said the city would receive 25% of excess net proceeds after the developer achieves a 15% cumulative return on equity.. 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, she said in her suit, Paterakis children raided the cash hoards and cleaned out play money bank accounts when he was ill and hospitalized, denying her a fair share after his death. After yesterdays Board of Estimates meeting, in which Mayor Catherine Pugh accepted $1.5 million from the Paterakis family in order to clear the way for the sale of their Legg Mason Tower, Baltimores chief development officer, William H. Cole, said: Its a great deal for the city. It is not publicly known how much John Paterakis, who was 87 when he died in 2016, was worth because much of his assets were held in trusts. Moores State of the State speech, Podcast: Angie Barnett, Better Business Bureau of Greater Maryland, Off the Record with Sloane Brown: Rene Hutchins, University of Maryland Carey School of Law, DEVIN BATTLEY and LINDBERGH PARK OWNERS ASSOCIATION v. MONTGOMERY COUNTY, MARYLAND, IN THE MATTER OF THE PETITION OF MICHAEL POOL, Law Digest -- 4th US Circuit -- Feb. 23, 2023, Find out what attorneys think of the economics of the business in our Maryland Lawyers Confidence Index, Get assistance for your case with litigation support, See digested appellate court opinions in Law Digest, 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. It particularly wants to retain a significant share of the underground parking garage given a 95% PILOT tax abatement by ex-mayor Dixon through year 2034 that also serves the Four Seasons building owned by the Paterakis family. And if there's a lot of money that's at stake, to mix metaphors, that's almost strike three. Paterakis was fined $25,000 and banned from making political contributions until 2012. 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. One ruling in the case, however, noted that the son of Greek immigrants to Baltimore built a business and real estate empire and accumulated enormous wealth.. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. 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. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. Necessary cookies are absolutely essential for the website to function properly. If deemed great by the head of the Baltimore Development Corp., the Legg Mason deal must be described as super great for the Los Angeles real estate conglomerate that is under contract to buy a portion of the high-rise building. Adam Bednar 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. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. 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. 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. 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. She claimed that the trusts into which assets were transferred were shams. We also use third-party cookies that help us analyze and understand how you use this website. Your email address will not be published. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. 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. Paterakis was fined $25,000 and banned from making political contributions until 2012. Paterakis was fined $25,000 and banned from making political contributions until 2012. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. 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. All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. (See below the list for the full methodology.) Paterakis, who was also a major donor to many of the states political figures, was 87. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. He pleaded guilty to violating state campaign finance law after paying in excess of state contribution limits for a poll for former Councilwoman Helen Holton in 2007. 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. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. Charles's annual salary is between $30 . However, his political largesse landed him in trouble in 2010. In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. Roula Paterakis is gratified that she will now have her day in court so that she can pursue this substantial cause of action the interference with the $20 million promise, said her attorney, Arnold M. Weiner. 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. These cookies do not store any personal information. Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. 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