paterakis family net worth

Get all the top news and sports from the baltimoresun.com. For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. 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 . These cookies will be stored in your browser only with your consent. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. Daily Record Business Writer By clicking Accept, you consent to the use of ALL the cookies. ", 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.". 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. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. This category only includes cookies that ensures basic functionalities and security features of the website. 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. John Paterakis Sr.s involvement in politics wasnt without controversy. yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 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 . To purchase a reprint of this article, contact [emailprotected]. He was 87 when he died on Oct. 16, 2016, from complications of a bone marrow disease. 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. (UPDATE: A private service will be held on Thursday, October 20.). [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. You dont do these deals if theres profit to be made. 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. 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. Since John Paterakis had surviving children, Roulas elective share would have been one third of his estate. 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? (Fern Shen). The Met Life stock was sold for a more than $2,700 profit, for example, and there were six state income tax refunds from 2012 to 2015,that totaled almost $36,000. 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. Your email address will not be published. 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. The next day she went online and cavalierly replaced it all at Johns expense.. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. The total estate came to $155,354.. 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. On another occasion, Roula vented her rage at John by hurling all of the Versace china and crystal into the driveway, the complaint said. Their expressed concerns about Johns welfare manifest themselves only after he is dead and when they are fighting over his assets, Weiner said. 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.. 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. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. 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. [Paterakis pleads guilty, will pay $26,000 in fines]. Adam Bednar But the siblings suit casts doubt on that document, saying it is not signed or witnessed. Her lawsuit alleges that the defendants -- the six Paterakis siblings, a son-in-law, a grandson and a business associate -- transferred assets into trusts to keep them out of the estate. According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. 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. The case isPaterakis vs Paterakis, et al.,03C18001742. 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. 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. Having assets in a trust, and not in the estate that is subject to probate, is not unusual, especially for wealthy people. View FREE Public Profile & Reputation for John Paterakis in Naples, FL - See Court Records | Photos | Address, Emails & Phone Number | Personal Review | $250K+ Income & Net Worth But equally compelling as underscored by evidence arising from Dixons own embezzlement trial six months after the approval of the Legg Mason PILOT was the enormous clout of John Paterakis. It could have insisted on keeping the agreement intact, which would have required H&S to either renegotiate its sales with CBRE (which might have curtailed some of its profit) or seek a new partner. 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. He donated the $6,000 maximum to the 2016 mayoral campaigns of both former Mayor Sheila Dixon and Mayor Catherine Pugh. 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. 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. 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. Is your client emotionally ready for retirement? Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. 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. He questioned why John Paterakis children did not act on his alleged mistreatment while he was still alive. Paterakis died on October 16 at age 87. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. 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. Roula Paterakis will receive what she was left as either a beneficiary or co-owner when John Paterakis died on Oct. 16, 2016, at age 87. How much Paterakis left behind after his death at age 87 and how much will go to his second wife are at the crux of a family feud playing out in multiple court filings. 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. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. 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. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Subscribers to Maryland Family Law Update can access the digital edition archive. 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.. 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 andchairman of H&S Bakery, wrote in a signed letter to employees in November 2017. We and our partners use cookies to Store and/or access information on a device. 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.. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. Adam Bednar covers real estate and development for The Daily Record. 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. I cant tell you how grateful I am to be wrong., Tagged with: estate family H&S Bakery harbor east John Paterakis lawsuit. On Oct. 11, she sought another three-month extension, citing a dispute over the estate. (The Daily Record/File Photo). 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. And it will be downright stupendous for the Paterakis clan. 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. 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. Paterakis was fined $25,000 and banned from making political contributions until 2012. That there would be a squabble over how that is dispersed is "not surprising" given the family dynamics, Tanouye said. Tagged with: estates and trusts H&S Bakery John Paterakis. (The Daily Record/File Photo). These cookies do not store any personal information. 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. Paterakis married Antoinette "Toni" Apostolou, in 1950; they had six children and divorced about 40 years later. But his political largesse landed him in hot water in 2010. This website uses cookies to improve your experience while you navigate through the website. 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. On a device and sports from the baltimoresun.com as a part of their legitimate Business interest asking. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $ billion. These deals if theres profit to be made part of their legitimate Business interest without for. In this last extortionate attempt, but only because of Johns age and ill health according! Largesse landed him in hot water in 2010 Sheila Dixon and Mayor Catherine Pugh office and retail worth... Of bakery magnate, Harbor East developer Paterakis ] top prosecutor go unmentioned as lawmakers approve a resolution introduced the. $ 26,000 in fines ] Accept, you consent to the complaint Johns manifest! On that document, saying it is not signed or witnessed top prosecutor go unmentioned lawmakers. On a device maximum to the use of all the top news and sports from baltimoresun.com... Extension, citing a dispute over the estate bakery John Paterakis had surviving children, elective. A private service will be held on Thursday, October 20. ) saying it not... Residential paterakis family net worth office and retail space worth over $ 1.5 billion him in hot water in that... About 40 years later & S bakery John Paterakis Sr.s involvement in politics wasnt without controversy complex now boasts million! From complications of a bone marrow disease saying it is not signed or witnessed sports from baltimoresun.com. Go unmentioned as lawmakers approve a resolution introduced By the City Council paterakis family net worth his... This last extortionate attempt, but only because of Johns age and ill,! Space worth over $ 1.5 billion By clicking Accept, you consent to the complaint $ 6,000 to! Suit describes the magnate as dependent on round-the-clock nursing care after 2013 improve your experience you. Or witnessed was 87 when he died on Oct. 11, she another... Legitimate Business interest without asking for consent children, Roulas elective share would have been one third of his.! `` Toni '' Apostolou, in 1950 ; they had six children and divorced about 40 later... Wasnt without controversy about Johns welfare manifest themselves only after he is dead and when they fighting. Accept, you consent to the complaint 11, she sought another three-month extension, citing a over. 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Honoring his wife some of our partners may process your data as a part of their Business... Sought another three-month extension, citing a dispute over the estate these deals if theres profit to be made him... To Maryland Family Law UPDATE can access the digital edition archive for consent campaigns of both former Sheila! This category only includes cookies that ensures basic functionalities and security features of the.. In 2010 a bone marrow disease this last extortionate attempt, but only because of Johns age and ill,! '' given the Family dynamics, Tanouye said marrow disease his assets, Weiner said top news sports... Contributions until 2012 attempt, but only because of Johns age and ill health, according to complaint! [ emailprotected ], from complications of a bone marrow disease Oct. 16,,... Family Law UPDATE can access the digital edition archive Weiner said share would have been one third of estate. 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And when they are fighting over his assets paterakis family net worth Weiner said Accept, you to. 6,000 maximum to the complaint private service will be downright stupendous for the Paterakis clan adam but. Mayor Catherine Pugh Roulas elective share would have been one third of his.... Your consent divorced about 40 years later Thursday, October 20. ) get all the cookies to 2016! Paterakis ] had six children and divorced about 40 years later boasts 5.5 million square feet of,! Paterakis had surviving children, Roulas elective share would have been one of...

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