Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. 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 . Judge rules against second wife in John Paterakis Sr. estate dispute, Video Series: Off the Record with Sloane Brown, Cybersecurity experts warn lack of urgency to warnings is greatest threat, Companies update the office to lure employees back from home, Eastern Shore focused on highlighting economic diversity, Washington metro area becoming economic driver for Maryland, Baltimore metro area sees economic swings across sectors, 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, 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. Through lucrative tax breaks (see A taxing tale of two Baltimore hotels) pushed by mayors Martin OMalley and Sheila Dixon and financed by the Harbor Bank of Maryland where he was a longtime board member Paterakis H&S Development Co. built Harbor East. Necessary cookies are absolutely essential for the website to function properly. 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. [John Paterakis, multimillionaire baker and Baltimore developer, dies]. 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. 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. Paterakis, who was also a major donor to many of the states political figures, was 87. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. 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. 3/1/23 UPDATE: Following publication of this story, the Board of Estimates deferred action on the price increase. ____________________________________ You also have the option to opt-out of these cookies. The siblings suit says that John Paterakis had some bakery business cash delivered to the house and some or all of these funds may not have been properly reported for tax purposes. But it goes on to allege that Roula Paterakis routinely spent and benefited from this cash and was unjustly enriched by amounts that should have been paid in taxes.. 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. Nov. 27--In two different courthouses, two different financial pictures emerge of the late bakery mogul and Harbor East developer John Paterakis. We intend to vigorously defend our familys good name and the legacy of our father.. 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. At a groundbreaking for thethe $170 million Liberty Harbor East shortly after his death, business partners and elected officials praised his vision for the citys waterfront. The Brew has learned that John Paterakis Sr., Baltimores billionaire bakery mogul, real estate developer and political powerbroker, died today at Johns Hopkins Hospital. 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. Paterakis was fined $25,000 and banned from making political contributions until 2012. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. All the accusations of theft and fraud, which were brought in a failed attempt to pressure one of the most respected families in Baltimore, have been completely dismissed, said Nusinov, of Nusinov Smith LLPin Baltimore. Mayor Pugh ratified the deal without comment yesterday. 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. This website uses cookies to improve your experience while you navigate through the website. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. We express no view as to whether it does or does not, the special appeals court opinion said. Paterakis died on October 16 at age 87. Paterakis and his second wife had lived together since 2001, and married in 2015. Paterakis was fined $25,000 and banned from making political contributions until 2012. These cookies will be stored in your browser only with your consent. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. By clicking Accept, you consent to the use of ALL the cookies. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. The lawsuitalso accused Roula Paterakis of berating and belittling John Paterakis Sr. This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. Roula Paterakis wants the court to see her as a victim, but as our filing today shows, she was no victim, said Jeffrey E. Nusinov, who represents William Paterakis and Venice Smith. The family alleged Roula, unhappy with the money left to her in the estate which included 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. Additionally, it should be noted, the Paterakis family picked up 10 years worth of EZ (Enterprise Zone) tax credits from the state. The suit said John Paterakis intended for her to receive the Timonium house where they lived, its furnishings, an IRA of more than $500,000, a life insurance benefit of $647,500 and $250,000 in cash. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. He was 87. In 2010, the Greek-American publication The National. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. They also allege she pressured their father into a marriage that he sought to end barely a year later, and often screamed at him so viciously he once asked his nurses to call 911 in fear for his life. Get your evening news in your e-mail inbox. 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. A judge dismissed much of Roula Paterakis 's original. His children also accused Roula Paterakis of berating and belittling John Paterakis Sr. To understand the disproportionate gains going to the owners as compared to the city, you need to refer to the 2009 agreement struck by former Mayor Sheila Dixon and the recently deceased paterfamilias of Harbor East, John Paterakis Sr. (The Daily Record/File Photo). According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. Arnold Weiner, a lawyer for Roula Paterakis, said his client was disappointed in the ruling and reviewingher options as to her next steps. Is your client emotionally ready for retirement? The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. Currently, Stephen is married. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. It is mandatory to procure user consent prior to running these cookies on your website. By clicking Accept, you consent to the use of ALL the cookies. 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. Almost by default, Paterakis became the owner of a patchwork of abandoned factories and little-used rail yards south of Little Italy in the 1980s. John Paterakis involvement in politics wasnt without controversy. Daily Record Business Writer A deals a deal. Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. The suit over the millions left behind by the H&S Bakery patriarch, filed in 2017, one year after his death, exposed a bitter rift between his second wife, Roula Paterakis, and the six grown children from his first marriage. But his political largesse landed him in hot water in 2010. ", Those negotiations apparently failed because a month later, Roula Paterakis filed notice to "renounce all provisions of my spouse's will pertaining to myself and elect to take my statutory share of the estate.". The widow claimed to have had a written and oral agreement with her husband that she would inherit $20 million. He turned the family business, H&S Bakery Inc., into one of the city's most. Distributed by Tribune Content Agency, LLC. Subscribers to Maryland Family Law Update can access the digital edition archive. 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. Necessary cookies are absolutely essential for the website to function properly. John Paterakis in an undated photograph at a family reception. The opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. Paterakis, who turned a small rowhouse bakery into a multi-million-dollar conglomerate and became an influential campaign contributor known as the "bread man" to local and state politicians, had lived a life in which personal and financial details were kept mostly private. But subsequent events have overtaken the courts ruling, the opinion said. an IRA worth more than $500,000 and . 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. Paterakis who grew his family's small, rowhouse-based bakery into a behemoth that supplies the likes of McDonald's and transformed a largely industrial tract of land into glitzy Harbor East . Charles's annual salary is between $30 . The only other property listed was $17,856 in corporate stocks -- with just over $17,000 of that in Met Life stock, and the rest in shares of Harbor Bankshares Corp. Paterakis was a major supporter of Harbor Bank, Baltimore's only minority-controlled commercial bank, and a member of its board of directors from it beginnings in 1982. You are providing the support to help a marginal project to be viable.. 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. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. 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. Subscribers to The Daily Record can access the digital edition archive. 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 a statement, Comptroller Joan Pratt, who sits on the spending board, said Baltimore was gaining a guaranteed present payment against an unlikely future profit. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. 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. In July, she requested and received 90 additional days to decide if -- rather than accepting what she was left in the will -- she would elect to take one-third of his estate as allowed by Maryland statute. The lawsuit was docketed in Baltimore County Circuit Court as Roula Paterakis v. William J. Paterakis et al., No. Subscribers to Maryland Family Law Update can access the digital edition archive. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. His rise to prominence has resulted from his/her dedication to hard work. Please read our moderation policy before leaving a comment. 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. These items are $647,500 in life insurance, an. August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. Headquartered in Baltimore, Maryland, we operate as an integrated network of 10 bakeries and 30 distribution centers located strategically across the Eastern seaboard, not including our strategic partners which expands our reach even further. After that year, Paterakis asked the publication to no longer include him in their annual list. News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. By submitting your email to receive this newsletter, you agree to our. Orphans' Court scheduled a three-day hearing for mid-March on Roula Paterakis' petition to remove two of her husband's children, William Paterakis and Venice Paterakis Smith, also known as Vanessa, as personal representatives of his estate. So theyre buying the city out cheaply.. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. 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. In September 2014, for example, about $23 million of assets were transferred into a newly created irrevocable trust, the lawsuit said. 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. Tagged with: estates and trusts H&S Bakery John Paterakis. 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. 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 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. On July 19, the Paterakis siblings filed an updated accounting of the estate, adding additional income and subtracting various expenses. By: Adam Bednar 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 way to reach here was not easy at all. During the course of the bitter battle, she also accused her stepchildren of depleting their fathers cash assets during his final illness, while they accused her of greed and material excess. That makes the 650,000 square-foot property worth about $312 million. Wednesdays consent judgment dispensed with Roula Paterakis claims: Roula Paterakis and the Paterakis siblings did not respond to requests made through their attorneys for comment. 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. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. 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. 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. His company, H&S Bakery, started out as a small family business, but by the time he died, his bakeries were producing two million hamburger buns per day for McDonalds alone, not even including the products it supplied to other retailers. Unfortunately and for personal reasons that I am not authorized to share, Mrs. Paterakis determined that she should settle the matter as she has and withdraw her action, he said. 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.. 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 alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. 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. 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. 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. He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. Contact Tobin OConnor Concino P.C. The filing on Thursday, by siblings William J. 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