Steves & Sons CEO Edward Steves of San Antonio bids $2.3 million to buy convicted felon Chris Pettit’s Alamo Heights mansion.
Edward Galt Steves, CEO of San Antonio door manufacturer Steves & Sons Inc., has submitted a $2.3 million bid to buy ex-lawyer and convicted felon Chris Pettit’s Alamo Heights mansion. The house at 555 Argyle Ave. overlooking the Olmos Dam and Olmos Basin is the last real estate holding in Pettit’s bankruptcy estate left to be sold. Last month, a federal judge sentenced him to 50 years in federal prison for looting tens of millions of dollars from his law clients.
At 157 years old, San Antonio-based door manufacturer Steves & Sons marks another turning point Steves has been designated the “stalking horse bidder,” a term for an initial bidder who enters into a sales contract that establishes a minimum bid for an asset ahead of a bankruptcy court auction. Other parties will have the opportunity to acquire the property at an April 1 auction overseen by the U.S. Bankruptcy Court in San Antonio, provided a judge approves the sale procedures.