The Monastery of San Antonio el Real was founded by king of Castile, Henry IV when Pope Calixto III granted him a papal bull giving him permission to do so on the 19th of May, 1455. In exchange, the king authorised Franciscan monks to take up residence in the Prince's Lodge, some remains of which may still be seen behind the side façade giving access to the enclosed monastery.
The altarpiece is located in the main cloister that had already been built when Baron Leon de Rosmithal visited the convent in the year 1466. Rosmithal praised the building in the following terms: "We had never before seen such a beautiful cloister as the one in this monastery". He also described the garden as "most agreeable, full of cypress trees and many other kinds of trees and grasses". Though he made no direct mention of the altarpieces, a note in the margin in the royal accounting books mentions three altarpieces that had been acquired in 1462 for 15,000 maravedíes (a coin that was legal tender back then). Given the style of the altarpieces, however, this date appears to be a trifle premature.