The saga surrounding the only skyscraper Frank Lloyd Wright ever built received a new twist on October 3 with the news that the auction of Price Tower would be delayed amid a pending legal dispute.
Price Tower, a cultural landmark in Bartlesville, Oklahoma, was set to be auctioned off on Ten-X, a digital commercial real estate auction platform, from October 7 to 9, but has now been postponed until November 18 to 20.
While neither Ten-X nor Price Tower’s owner Green Copper Holdings has publicly explained the postponement, the move follows a legal notice that was filed against the company by the McFarlin Building Company, a Tulsa-based property developer, in late August.
The notice, which was signed by McFarlin’s manager, John Snyder, claimed that Green Copper’s President, Cynthia Blanchard, had agreed to sell Price Tower on May 23 and had followed through by signing a contract on May 26. With the sale a matter of days away, it appears further legal auction was looming if the auction continued as planned.
It is believed McFarlin had agreed to purchase Price Tower for $1.4 million before Ten-X listed the property on behalf of Green Copper Holdings in late August and accepting starting bids of $600,000. Neither Ten-X nor Green Copper Holdings responded to requests for comment.
Frank Lloyd Wright with a model of the Price Tower in Oklahoma, 1953. Photo: Bettmann / Getty Images.
The postponement follows a turbulent 18 months in the story of Price Tower. In 2023, blockchain entrepreneurs Cynthia and Anthem Blanchard bought Price Tower for $10 from Price Tower Arts Center, a nonprofit that had run the Tower for decades and had financial increasing difficulties. The Blanchards promised to resolve the property’s $600,000 debt and secure $10 million to restore the property.
These plans have not come to fruition. The two restaurants that used around $35,000 in public development funds quickly shuttered, the capital improvement investments never materialized, and the building’s tenants, which included a hotel, arts organizations, and a local magazine were forced to relocate. A further scandal arrived in August when the owners began selling off the building’s unique furnishings, a move prohibited under the terms of Frank Lloyd Wright Building Conservancy’s preservation easement.
Price Tower, which was listed as a National Historic Landmark in 2007, is believed to have accrued debts of around $2 million.
McFarlin Building Company has a record of redeveloping historic properties in Oklahoma having previously developed Mayo Hotel, an art deco building in downtown Tulsa, as well as Frontier Hotel in Pawhuska, a century-old flat-iron shaped establishment. The company has stated a willingness to invest up to $10 million.