The way to reach here was not easy at all. By clicking Accept, you consent to the use of ALL the cookies. 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. 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 suit alleges that Roula Paterakis rushed the terminally ill decedent into hastily arranged nuptials on Aug. 2, 2015, not even inviting his children. This category only includes cookies that ensures basic functionalities and security features of the website. Roula Paterakis said in her own suit that her husband had promised her $20 million and committed that to writing. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. That would free the buildings owners of any future profit-sharing. 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. Mr. While she and the estate representatives "have made progress toward resolving that dispute," she said, "they need additional time to complete their negotiations. Washington, District of Columbia 20015. 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. After supporting Dixon during the mayoral primary (which she lost to Pugh), the family switched allegiance and funneled $58,000 to Pugh mostly in $6,000 chunks, the legal limit, and most of it coming on a single day, July 22, 2016. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of deposit at Harbor Bank. 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. Paterakis was fined $25,000 and banned from making political contributions until 2012. Weiner, of Rifkin Weiner Livingston LLC in Baltimore, declined to elaborate. Get all the top news and sports from the baltimoresun.com. In recent months, the family dispute has played out in multiple filings across various courthouses. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. 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. 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. The Paterakis family name was found in the USA, and Canada between 1911 and 1920. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. Her suit described scenes of turmoil before Paterakis death and afterward, of fights breaking out in Harbor East restaurants and the siblings helping themselves to their fathers cash hoards and so-called play money. The siblings fired back, characterizing her as a spendthrift who once charged two Hermes Birkin handbags to her hotel room in Las Vegas and pressured him into a hasty wedding. The newly-installed Pugh administration was not forced to follow this path and amend the PILOT agreement. (In fact, says another source, the original amount offered by H&S was $1 million, which was upped to $1.5 million to gain Mayor Pughs support.). John Paterakis involvement in politics wasnt without controversy. Continue with Recommended Cookies, Your email address will not be published. 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. 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. Roula was seeking one-third of the decades-run family bakeries, Nusinov said. 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. One example of his prowess was how quickly he managed to raise more than $130,000 for ex-mayor Dixon in the Democratic Party primary for mayor. 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. According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. 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. Paterakis was fined $25,000 and banned from making political contributions until 2012. (One of Mister Johns favorite adages, according to a profile by Rafael Alvarez, was: Always be involved in whatever you can politically, but never run for public office.). 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. If the Circuit Court reassessed and found Roula Paterakis was indeed entitled to those funds her share would amount to about 30% of the total after-estate expenses, such as legal fees. These cookies do not store any personal information. ANALYSIS: The owners of a trophy high-rise devise a plan to flip the property and keep its 95% tax abatement, Above: The blue-chip, glass-clad Legg Mason Building at Harbor East. Please read our moderation policy before leaving a comment. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. 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 use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. CBRE Global Investors is now under contract to buy a large portion of the tower. (Karen Jackson/Baltimore Sun). 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 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. 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, chairman of H&S Bakery, wrote in a signed letter to employees soon after his stepmothers complaint was filed. This category only includes cookies that ensures basic functionalities and security features of the website. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. 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. Roula Paterakis filedsuit in Orphans Court last year alleging her late husbands children and grandchildren conspired to depriveher of her rightful share of Johns estate. Last year Rifkin saidhis client was threatened with destruction if she tried to enforce John Paterakis Sr.s promise to leave her $20 million. Also in Winnetka, and in spot No. 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. But opting out of some of these cookies may have an effect on your browsing experience. ____________________________________. We will see if Roula continues to pursue the crumbs.. In alleging that John Paterakis was worth $1 billion, his widow cites a figure that far outstrips the last public estimate of his fortune. 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. It is mandatory to procure user consent prior to running these cookies on your website. (See below the list for the full methodology.) Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. John Paterakis Sr.s involvement in politics wasnt without controversy. 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.. Walton Family . He turned the family business, H&S Bakery Inc., into one of the city's most prominent. John Paterakis Sr.s sons were also accused, in the petition, of taking and stashing their fathers play money from several bank accounts. At the hurried ceremony, according to the suit, John Paterakis looked extremely sad.. In a court filing, the family called Roula Paterakis accustomed to extravagant living and described her as having latched on to a wealthy divorced man and pressured a weak and increasingly confused man into a hastily arranged marriage. 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. 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. "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. A legal claim by the widow of H&S Bakery owner John Paterakis Sr. that his adult children from a prior marriage conspired to prevent her from inheriting $20 million has settled for much less and for no more than the children said their stepmother was entitled to under her agreement with their father. But William Paterakis and Venice Smith have valued their fathers estate at just over $155,000. 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. William's reported annual income is about $90 - 99,999; with a net worth that tops Greater than $499,999. 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 do not store any personal information. His ascension to the ranks of the worlds wealthiest people is directly related to this success. Subscribers to Maryland Family Law Update can access the digital edition archive. Nowadays, people have started supporting his work and other things. (7/14/11), A taxing tale of two Baltimore hotels (11/15/11) An obituary in the Baltimore Sun said John Paterakis Sr. grew his parents' bakery business, H&S Bakery, into one of the largest bakers on the East Coast. You dont do these deals if theres profit to be made. Up/down is compared to their net worth in 2015. John Paterakis, bakery magnate and Harbor East developer, and his wife, Roula Paterakis, at an event in 2015. 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. This website uses cookies to improve your experience while you navigate through the website. Among the expenses were credit card and medical bills and about $36,500 to a construction company for repairs to Paterakis' home in Timonium that had been arranged prior to his death. But subsequent events have overtaken the courts ruling, the opinion said. Manage Settings 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. The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. 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. 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. These cookies do not store any personal information. Also in play is $570,000 that John Paterakis daughters, Smith and Karen Phillipou, took from his safe deposit boxes while he was hospitalized in December 2013. By submitting your email to receive this newsletter, you agree to our. Subscribers to The Daily Record can access the digital edition archive. These cookies will be stored in your browser only with your consent. All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. 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. Subscribers to The Daily Record can access the digital edition archive. ____________________________________ 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. 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. To purchase a reprint of this article, contact [emailprotected]. yahoo.com/news/multimillion-dollar-battle-over-estate-221800310.html, 5335 Wisconsin Avenue Northwest, Suite 400 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. These cookies will be stored in your browser only with your consent. He turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. Paterakis and his second wife had lived together since 2001, and married in 2015. 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. She did not get a penny more than we always said she was entitled to, said Jeffrey E. Nusinov, of Nusinov Smith LLP in Baltimore. He turned the family business, H&S Bakery Inc., into one of the city's most. Her claims for hundreds of millions of dollars have been reduced to a maximum of less than $100,000, the lawyer for the family said. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. Additionally, it should be noted, the Paterakis family picked up 10 years worth of EZ (Enterprise Zone) tax credits from the state. This saved Paterakis H&S Development Co. $3,998,160 in its first year of the buildings occupancy, according to BDC records. Weiner said once thats addressed with a written declaration he intends to also pursue those issues in court. In 1920 there were 2 Paterakis families living in Ohio. 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 suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. But the siblings suit casts doubt on that document, saying it is not signed or witnessed. We also use third-party cookies that help us analyze and understand how you use this website. 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. 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. [John Paterakis, multimillionaire baker and Baltimore developer, dies]. By some estimates, Paterakis owned assets valued at more than $1 billion. By some estimates, Paterakis owned assets valued at more than $1 billion. By: Steve Lash This law firm website is managed by MileMark Media. He eventually moved into real estate development, taking on projects such as Harbor East, which reshaped the citys waterfront skyline. Tagged with: estates and trusts H&S Bakery John Paterakis. He was 87. 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.. Jeffrey E. Nusinov, who represents Bill Paterakis and Smith, said Roula Paterakis suit, which initially sought a third of what she said was her husbands $1 billion fortune, has been chipped away over the years to almost nothing. Eventually John Paterakis Sr. invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. 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. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. Unfortunately, and for personal reasons that I have not been authorized to share with you, Mrs. Paterakis determined that she should settle this matter as she has done and withdraw her action, her attorney, Arnold M. Weiner, said Wednesday. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. The Paterakis siblings fired back in a suit of their own. Get your evening news in your e-mail inbox. This was about 25% of all the recorded Paterakis's in USA. Other assets associated with him, including H&S Bakery and the extensive real estate holdings, are locked up in family trusts. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. The blue-chip, glass-clad Legg Mason Building at Harbor East. News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. The case isPaterakis vs Paterakis, et al.,03C18001742. Nusinov said Thursday his clients were thrilled with the decision. 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. It is mandatory to procure user consent prior to running these cookies on your website. John Paterakis overall profits are growing every day, and he's also gaining a lot of attention from the public. 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. for help. Here was a power player who had gotten what he wanted from City Hall for decades. "If personal representatives understand that the cash is the property of the trust, it wouldn't be listed as inventory [of the estate]," said Alex S. Tanouye, a Bethesda-based trust and estate lawyer. But it found Cavanaugh misjudged when she ruled similarly on claims involving allegations Paterakis children removed cash from safes and deposit boxes in a bid to hide assets. 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. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. Wes Moore delivers his first State of the State speech, Read: Maryland GOP responds to Gov. 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 His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. (Fern Shen). The appeals court also found Cavanaugh erred when she dismissed a claim for declaratory relief without declaring the rights of the parties. Inheriting his fathers share of H&S Bakery in 1953, John Paterakis grew the business into an industrial powerhouse by developing an automated roll plant and serving the likes of McDonalds and other fast-food chains. Developer. All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. 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. Has it ever occurred to the BDC to say, We cant solve every problem you have, Mr. John Paterakis, like many wealthy people, kept many of his assets in trusts. We also use third-party cookies that help us analyze and understand how you use this website. After his death, an inventory of his estate conducted by his children valued it at less than $200,000. But William Paterakis and Venice Smith say in their newly filed complaint that their fathers estate planning was lawful, and took place before he married his second wife. Stephen's personal network of family, friends, associates & neighbors include Antonia Paterakis, John Paterakis, Victoria Mclaughlin, Annette Paterakis and Antoinette Paterakis. These cookies will be stored in your browser only with your consent. (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.. The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. 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. The most Paterakis families were found in USA in 1920. 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. 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. The suit describes the magnate as dependent on round-the-clock nursing care after 2013. "If I leave any written instructions regarding the distribution of any assets," Paterakis said in the will signed about a year earlier, he hoped and expected beneficiaries would "carry out my instructions and honor my wishes.". He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. (The Daily Record/File Photo). Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million. 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. 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. 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. Is your client emotionally ready for retirement? However, his political largesse landed him in trouble in 2010. an IRA worth more than $500,000 and . "There has to be some amount of money that would make this go away. The suit filed by his two children, who in his will he named as personal representatives of his estate, lists their four siblings and subsequent generations as interested persons.. 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 . 290, Josephine Louis and family are heirs to the SC Johnson family fortune and have a net worth of $2.2 billion. Nusinov said Roula Paterakis was not left empty-handed: her husband left her $250,000, a retirement account worth more than $650,000 and the home they shared in Baltimore County. His children also accused Roula Paterakis of berating and belittling John Paterakis Sr. John Paterakis Sr. died Oct. 16 at age 87. Paterakis was widely remembered for his contributions to Baltimore. 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. 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. You have to make your own decisions about what you want to do here, asked the official, who offered candor in exchange for anonymity. Choosing A Business Entity Type Is An Act Of Estate Planning, Non-Compete Clauses Are Overrated, Especially For Small Businesses, Complying With Marylands Pay Transparency Laws. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. 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Use paterakis family net worth on your browsing experience this category only includes cookies that help us and... To enforce John Paterakis, at an event in 2015 had promised her $ million! Her husbands children had transferred assets worth millions of dollars into sham to. Most relevant experience by remembering your preferences and repeat visits this path and amend the PILOT agreement third-party cookies help. Baltimore developer, and his second wife had lived together since 2001, and in. Was fined $ 25,000 and banned from making political contributions until 2012 his death an. Described the threshold for wealth as being a net worth of $ 2.2 billion the Daily Record access... Recommended cookies, your email address will not be published that to writing this about. Moore delivers his first State of the website by submitting your email to receive this newsletter, paterakis family net worth! Louis and family are heirs to the Daily Record can access the digital edition archive in trusts. While you navigate through the website this article, contact [ emailprotected ] estates and trusts paterakis family net worth... Some amount of money that would free the buildings owners of any future profit-sharing,! Politics wasnt without controversy citys most prominent companies 15 years were also accused Roula Paterakis claim, husband... Submitting your email address will not be published assets associated with him, including H & S bakery John.! Ensures basic functionalities and security features of the citys most prominent companies a power who. Purchase a reprint of this article, contact [ emailprotected ] of his estate to procure consent! Fortune and have a net worth in 2015 would make this go Away sure does a. Of some of these cookies may have an effect on your website the newly-installed Pugh was. Of taxes, rebated 95 % of the buildings occupancy, according to Jeffrey Nusinov. By submitting your email to receive this newsletter, you agree to.. 27, saying it was worth $ 116,868.56 this article, contact emailprotected...