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. Your email address will not be published. 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. All the accusations were proven to be nothing more than a failed attempt to pressure one of the most respected families in Baltimore.. To purchase a reprint of this article, contact [emailprotected]. Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. O3-C-18001742. Developer. We express no view as to whether it does or does not, the special appeals court opinion said. John Paterakis Sr. died Oct. 16 at age 87. Get breaking news, exclusive stories, and money- making insights straight into your inbox. "When someone very wealthy gets married late in life, that's when red flags go up with estate planning attorneys," Tanouye said. 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. Funeral arrangements have not yet been announced by the family, who could not be reached for comment. Roula Paterakis had argued that her husbands children deprived her of her fair share of his fortune, transferring his business assets from H&S and Harbor East into trusts, and helping themselves to the hundreds of millions of dollars in cash that she said he kept on hand. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. 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. The widow of John Paterakis, the bakery magnate and Harbor East developer, has withdrawn her claim to a greater share of what she said was his $1 billion fortune, leaving the bulk of it in the hands of the children from his first marriage. It is mandatory to procure user consent prior to running these cookies on your website. He bought a largely industrial swath of land on the east side of the Inner Harbor, close to the H&S Bakery in Fells Point, and developed it into the glitzy Harbor East neighborhood. Please read our moderation policy before leaving a comment. [John Paterakis, multimillionaire baker and Baltimore developer, dies]. These cookies do not store any personal information. 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 opinion cited a ruling this June by the Maryland Court of Appeals in another case, which recognized interference as a wrongful act. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. These cookies will be stored in your browser only with your consent. Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. 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. We intend to vigorously defend our familys good name and the legacy of our father.. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. 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. Stephen's personal network of family, friends, associates & neighbors include Antonia Paterakis, John Paterakis, Victoria Mclaughlin, Annette Paterakis and Antoinette Paterakis. It is not. 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. In life as in death, John Paterakis' wealth is not publicly known. 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There was no evidence offered of play money bank accounts, the judgment said, and Roula Paterakis dropped that allegation. 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. And it will be downright stupendous for the Paterakis clan. 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. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. Subscribers to Maryland Family Law Update can access the digital edition archive. 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 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. Mr. He had a $99,000 certificate of deposit, some stock and a few income tax refunds, giving him an estate valued at just over $155,000. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. An example of data being processed may be a unique identifier stored in a cookie. "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. In recent months, the family dispute has played out in multiple filings across various courthouses. In life as in death, John Paterakis' wealth is not publicly known. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. 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. Roula was seeking one-third of the decades-run family bakeries, Nusinov said. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. 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. After his death, an inventory of his estate conducted by his children valued it at less than $200,000. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. 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. content for publishing on our website. The filing on Thursday, by siblings William J. Paterakis and Venice Paterakis Smith, also known as Vanessa, depicts their fathers second wife as a bad gambler and an extravagant spender once charging two Hermes Birkin handbags worth tens of thousands of dollars to her hotel room during a trip to Las Vegas who schemed to wrest control of her husbands business from the family. With this distraction put to bed, the Paterakis family will continue to honor John Paterakis true testamentary wishes and his legacy of supporting Baltimore.. By: Adam Bednar Another trusts and estates lawyer, though, said there could be circumstances under which cash would not be listed as part of an estate. By some estimates, Paterakis owned assets valued at more than $1 billion. 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. By submitting your email to receive this newsletter, you agree to our. 1. But the siblings suit casts doubt on that document, saying it is not signed or witnessed. "There must be some basis for personal representatives to take the position it's not the property of the estate.". But opting out of some of these cookies may have an effect on your browsing experience. A complaint from the family filed in Baltimore County in late 2017 called Roula Paterakis accustomed to extravagant living. It then went on to describe her as having latched on to a wealthy divorced man and pressured a weak and increasingly confused man into a hastily arranged marriage. ____________________________________ Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. She claimed that the trusts into which assets were transferred were shams. In general, Paterakis was involved in local and . Anthony Pompliano Net Worth Phone Number, House Address, Wiki, Ashley Massengill Net Worth | Bio, Family, Address, Career, Atlas Monroe Net Worth | Age, Height, Weight, Dating And More, Beyonce S Net Worth Phone Number, House Address, Wiki, Blue Ivy Net Worth Phone Number, House Address, Wiki. Stupendous for the Paterakis clan taking and stashing their fathers play money from several bank accounts, National! News, exclusive stories, and Roula Paterakis claimed were shams accustomed to extravagant living over BGE deal john... 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