He handled the business of former attorney Chris Pettit’s Stone Oak mansion

A first bidder has emerged for former lawyer Chris Pettit’s Stone Oak mansion.

However, other parties will have the opportunity to take possession of the mansion at a Nov. 15 auction overseen by the U.S. Bankruptcy Court in San Antonio, if a judge approves the sale proceedings.

Related: Chris Pettit’s victims come to see him plead guilty to the crimes

EvoTech will be what is referred to as a “chasing bidder” – essentially an initial bidder who enters into a sales contract that sets a minimum bid for the asset.

Court papers filed this week show that bidding at the auction will start at $1.4 million plus a $25,000 addition, which is called the initial bid. Subsequent bids must be in increments of $25,000.

If no one makes any offers, EvoTech will be on track to close the sale — perhaps by November 30.

Beatty, 56, pleaded guilty this month to three counts of wire fraud and money laundering in connection with defrauding his former clients of millions of dollars. He has been in prison for more than a year and is scheduled to be sentenced on January 11.

He has filed for bankruptcy for himself and his law firm, and surrendered his law license in lieu of discipline in June 2022. He faces up to 20 years in prison on each of the wire fraud counts, while each of the money laundering counts carries a maximum sentence. From 10 years in prison. Prosecutors agreed to drop two counts of wire fraud in exchange for a guilty plea.

Eric Terry, the trustee who personally oversees Pettit’s bankruptcy estates and the defunct Pettit law firm, asked the judge to approve EvoTech as the initial bidder, as well as bidding, auction and sale hearing procedures. Terry did not immediately respond to a request for comment Friday.

A hearing on the applications is scheduled for Monday morning before Chief U.S. Bankruptcy Judge Craig Gargotta.

Proceeds from the sale will benefit creditors of the bankruptcy estate. Claims worth $260 million have been filed in these cases, although Pettit’s bankruptcy attorneys have raised concerns that some creditors may have inflated their claims.

EvoTech President Christy Sanders did not immediately respond to a phone message or email.

The Stone Oak mansion was listed with Fred Hutt of Corie Properties Group/Compass RE Texas LLC this year. It was originally listed for sale at $1.6 million, but the price dropped to $1.5 million.

The three-story home has four bedrooms, four full bathrooms, and a half bathroom. Featuring 2,000 square feet of terraces, five balconies, three fireplaces and a pool, the property is located in the guard-gated community of Estates at Champions Run.

Court documents say the property has been shown 57 times with potential buyers. Terry received “two credible offers” and considered the EvoTech deal to be the “highest and best current value” for the property.

Under bidding procedures submitted to the judge for approval, anyone interested in participating in the auction will have until 5pm on November 9 to submit a qualifying bid. The Trustee will notify bidders the next day whether their bids are qualified. The auction and sale session are scheduled to be held at a time to be determined on November 15.

Meanwhile, the Hutt is still trying to sell Pettit’s former Alamo Heights mansion at 555 Argyle Ave. – which is often referred to as the “Wedding Cake” house due to its tiered design. It was listed for sale for $3.9 million late last year, but the price dropped to $3.2 million.

“We have three offers today,” Hutt said Friday. “It’s getting a lot more activity. A lot of people have shown interest, even though we don’t have an offer or anything, we’re going to go to court with it in hand for now.”

A few of Pettit’s previous properties, including a mansion in Florida, were sold for $8.4 million. His former law office building at 13111 Huebner Road sold for about $2.5 million in April, while his main law office at 11902 Rustic Lane sold for $540,000 in August.

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