San Antonio doctor set to buy former Chris Pettit office building

Dr. Shiv Goel has agreed to acquire the two-story, 10.145-square-foot
office building at 13111 Huebner
Road for about $2.2 million in a transaction with the trustee administering the assets in Pettit’s bankruptcy case.

The deal requires the approval of Chief US Bankruptcy Judge Craig Gargotta.

Goel didn’t respond to a request for comment so his plans for the property are not known.
He specializes in internal medicine.

The Huebner Road office was where Pettit’s staff handled personal-injury cases.

On ExpressNews.com:

From ‘Star Wars’ figures and German nutcrackers to 2 Porsches, Pettit’s property hits auction block

Pettit has been incarcerated at the Karnes County Detention Facility
while awaiting his criminal trial, set for March 20.

He’s accused of stealing tens of millions of dollars from his law firm’s clients and has been charged with
five counts of wire fraud and three counts of money laundering. He has pleaded not guilty.

Pettit also specialized in estate planning and acting as a financial and tax adviser for clients. He served as the trustee for various trusts.

Pettit filed for bankruptcy protection
for himself and the law firm in June and quickly
surrendered his law license and closed his law offices.

Creditors, which include former clients, hold about $260 million in claims in the two bankruptcy cases combined.

Trustee Eric Terry has been selling Pettit’s real estate and personal property in an effort to pay back creditors, though at least one bankruptcy lawyer who represents creditors expects they’ll recover only pennies on the dollar.

SA Inc.:

Get the best of business news sent directly to your inbox

The Huebner building had been listed for sale at $2.8 million.

The alleged balance on a loan secured by the building and Pettit’s purported homestead on Champions Run in Stone Oak is more than $2.9 million, Terry said in a court filing seeking the court’s approval of the office building‘s sale.

The sale is expected to generate a little more than $2.1 million in net proceeds, all of which will be used to pay down the loan.

The trustee is also selling $3,500 of personal property in the office building to Goel.

Meanwhile, the first of three auctions of Pettit’s personal property is set to end at 10 am Thursday. As of late Tuesday afternoon, the nearly 500 lots of items had generated bids totaling more than $35,000.

[email protected]

Related Posts

Previous post A special session over Louisiana’s troubled homeowner insurance market begins
Next post Defense floats multiple shooter theories as prosecutors focus on interviews with law enforcement at Alex Murdaugh’s murder trial