Edward Galt Steves, chief executive of door manufacturer Steves & Sons Inc., is acquiring the property for $2.3 million.
The sale of convicted felon Chris Pettit’s former Alamo Heights mansion to San Antonio executive Edward Galt Steves got a judge’s approval after no one else bid on the property at a scheduled auction. Chief U.S. Bankruptcy Judge Craig Gargotta on Monday OK’d Steves’ $2.3 million bid to acquire the property at 555 Argyle Ave. overlooking the Olmos Dam and Olmos Basin.
Any interested bidders had until Thursday to submit a $100,000 deposit to participate in an auction Monday, but no one did. Steves’ winning bid was significally less than the original asking price of just under $4 million in late 2022. The price was reduced six times over about 15 months to $2.8 million. “It’s a unique property, well-known in San Antonio, but nonetheless it probably requires a unique purchaser,” Gargotta said Monday.
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