The College of San Esteban in the city of Murcia takes this name from its founder, Esteban de Almeyda, who was the Diocese's bishop between 1546 and 1563. The determination and resources provided by the bishop favoured the founding and settling of this college in 1555. By then, San Ignacio de Loyola still lived. The college represented the humanistic formation of the city. The population showed great affection for this institution. It once counted on 140 students. It became inoperative due to the Pragmatic Sanction published by Charles III (1759-1788) in 1767.

When the Jesuits were expelled in 1767, it was taken up by the "Compañía de Dragones de la Reina". In 1770, it was transferred to the "Casa de la Misericordia", which included the provincial mental hospital. In 1931, during the Second Republic, it was declared Monument, which did not stop its deterioration. It was almost demolished in 1972 despite having inside it the "Museo del Traje Folklórico" (Folk Costume Museum) and other valuable works of art. After several years of conflict to decide which usage was going to be given to the School of the Company and its orchard, in 1984, it was finally transformed into the Palace of San Esteban, the headquarters of the Presidency of the Autonomous Community of the Region of Murcia.