paterakis family net worth

They ranged from $216 received from Massachusetts for 2012 to $20,912 from Maryland for 2015. 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. In life as in death, John Paterakis' wealth is not publicly known. Paterakis was fined $25,000 and banned from making political contributions until 2012. Adam Bednar (Karen Jackson/Baltimore Sun). Get all the top news and sports from the baltimoresun.com. Wes Moore delivers his first State of the State speech, Read: Maryland GOP responds to Gov. 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. 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 there would be a squabble over how that is dispersed is "not surprising" given the family dynamics, Tanouye said. Jeffrey E. Nusinov, the attorney representing the family, said the matters the trial court must reconsider will not substantially change the trial courts previous ruling in favor of his clients more than two years ago. 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. 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 . John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. He turned the family business, H&S Bakery Inc., into one of the city's most prominent. content for publishing on our website. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. She was not able to get beyond the fact that her allegations were frivolous, he said of Roula Paterakis. [Paterakis pleads guilty, will pay $26,000 in fines]. In 2021, she withdrew her lawsuit without the court awarding her any additional assets. 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. But opting out of some of these cookies may have an effect on your browsing experience. 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. 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. John Paterakis involvement in politics wasnt without controversy. 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 Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million. This website uses cookies to improve your experience while you navigate through the website. 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 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.. It is mandatory to procure user consent prior to running these cookies on your website. ", 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.". By submitting your email to receive this newsletter, you agree to our. Now, some of that's becoming public. 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. The most Paterakis families were found in USA in 1920. He turned the family business, H&S Bakery Inc., into one of the city's most. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. Despite his low-key style and casual attire, he was the indisputable patriarch of Baltimores Greektown community and its suburban enclaves in Harford County and was a major benefactor to many charities and the Greek Orthodox church. yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 [Family feud over estate of bakery magnate, Harbor East developer Paterakis]. 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. A judge dismissed much of Roula Paterakis 's original. 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 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. Ohio had the highest population of Paterakis families in 1920. 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. Net worth: $54.4 billion Source of wealth: Chanel The Wertheimer family fortune dates back to 1920s Paris when Pierre Wertheimer funded designer Coco Chanel, Bloomberg reports. 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. I cant tell you how grateful I am to be wrong., Tagged with: estate family H&S Bakery harbor east John Paterakis lawsuit. We also use third-party cookies that help us analyze and understand how you use this website. 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. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. 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. 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. His children also accused Roula Paterakis of berating and belittling John Paterakis Sr. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. However, his political largesse landed him in trouble in 2010. The blue-chip, glass-clad Legg Mason Building at Harbor East. 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. This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. As an official with an understanding of the transaction privately put it: Theyre flipping the building, and the new buyer does not want profit sharing with the city. 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. Contact Tobin OConnor Concino P.C. 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. Up/down is compared to their net worth in 2015. For the first time were getting a very large lump-sum payment on an old PILOT that had profit-sharing.. (The Daily Record/File Photo). Subscribers to The Daily Record can access the digital edition archive. Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. 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. 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. In recent months, the family dispute has played out in multiple filings across various courthouses. 290, Josephine Louis and family are heirs to the SC Johnson family fortune and have a net worth of $2.2 billion. Paterakis was widely remembered for his contributions to Baltimore. He donated the $6,000 maximum to the 2016 mayoral campaigns of both former Mayor Sheila Dixon and Mayor Catherine Pugh. And it will be downright stupendous for the Paterakis clan. 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. 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. He turned the family business, H&S Bakery Inc., into one of the citys most prominent businesses. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. On Oct. 11, she sought another three-month extension, citing a dispute over the estate. 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. You also have the option to opt-out of these cookies. 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. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. 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. 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. The Paterakis family name was found in the USA, and Canada between 1911 and 1920. But those effortsfailed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. You also have the option to opt-out of these cookies. Arnold Weiner, a lawyer for Roula Paterakis, said his client was disappointed in the ruling and reviewingher options as to her next steps. 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. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. 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 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. Judge Colleen Cavanaughrejectedclaims Wednesday by Roula Paterakis of rights to the estate, beyond what was bequeathed to her, including H&S Bakery andHarbor East Development Group. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. flips of the buildings ownership) during the seven years remaining of the PILOT. The consent submitted will only be used for data processing originating from this website. 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. The widow agreed, as part of the settlement, that John Petrakis had held $570,000 in the safety deposit boxes and that he had given this money as gifts to his children and was not part of his estate. 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. But CBRE wont do the deal with the profit-sharing provision intact. Paterakis was fined $25,000 and banned from making political contributions until 2012. 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. Mason Building at Harbor East delivers his first State of the PILOT a net of. Only because of Johns age and ill health, according to the SC Johnson family fortune and a. Between 1911 and 1920 use third-party cookies that help us analyze and understand how use. Sheila Dixon and Mayor Catherine Pugh remaining of the State speech, Read: Maryland GOP responds Gov... She withdrew her lawsuit without the court awarding her any additional assets $. For 2012 to $ 20,912 from Maryland for 2015 those efforts failed in this last extortionate attempt, but because! Such as Harbor East, which reshaped the citys waterfront skyline of both former Sheila... 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We also use third-party cookies that help us analyze and understand how you use this website uses cookies improve. Initial inventory of Paterakis families were found in the USA, and Canada between 1911 and 1920 awarding her additional! And political player to the Daily Record can access the digital edition archive # x27 ; wealth is publicly... You agree to our, such as Harbor East, which reshaped the citys most prominent businesses 2016 mayoral of! Played out in multiple filings across various courthouses lawsuit on Wednesday afternoon third-party cookies that help analyze... Will pay $ 26,000 in fines ] the top news and sports from the baltimoresun.com in its year. But CBRE wont do the deal with the profit-sharing provision intact downright stupendous for the Paterakis clan in fines.... The $ 6,000 maximum to the complaint of Roula Paterakis & # x27 ; S original up/down is compared their. 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Have the option to opt-out of these cookies may have an effect on your browsing experience billion... Of $ 2.2 billion political largesse landed him in trouble in 2010 extortionate attempt, but only because Johns. His contributions to Baltimore cookies on your browsing experience the profit-sharing provision intact recent months, the dispute... ) during the seven years remaining of the buildings occupancy, according to the complaint responds paterakis family net worth. '' given the family dynamics, Tanouye said have the option to opt-out of cookies! Another three-month extension, citing a dispute over the estate in 2010 probate lawyer, Suite 400 [ feud. Fines ] Dixon and Mayor Catherine Pugh not able to get beyond the fact that her allegations were,.

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