Bring a pot filled with 2 to 3 inches of water to a boil, place a steamer basket filled with the quartered potatoes over the top and cover with a lid. Steam the potatoes for about 8 minutes, or until a fork inserted into the thickest part of the potato goes through with a little resistance.
Remove potatoes from the steamer basket and let cool slightly. Chop the potatoes into bite-size cubes.
Heat a large (12" or larger) cast iron skillet over medium-high heat and add the olive oil and butter to the pan. Once melted, add the potatoes in an even layer and season them with seasoning salt, garlic powder, black pepper and paprika.
Allow the potatoes to brown and crisp on all sides, tossing them occasionally, until they're browned and crispy on the outside (about 8 to 10 minutes). Serve hot and crispy.