Price Tower, the Frank Lloyd Wright-designed skyscraper in Bartlesville, Oklahoma, is set to close amid scandal, legal battles, and financial mismanagement a short 18 months after being purchased by Copper Tree Group, according to Artnet News. It’s the only example of a skyscraper designed by the famous architect.
The Copper Tree Group, led by Anthem and Cynthia Blanchard, initially promised a $10 million investment in the building, as part of its “commitment to responsible stewardship.” Cynthia Blanchard told the Bartlesville Examiner-Enterprise last year that Price Tower was the linchpin to a revitalization project she hoped would bring the tech sector and its deep pockets to the Ozarks. She called it “Silicon Ranch.” But the modernization, which included a planned boutique hotel and high-end restaurants failed to deliver.
In an interview earlier this week with a Tulsa based news and talk radio station, 102.3 KRMG, Cynthia Blanchard said the building was officially for sale. She added they’d bought the building months earlier than they should have. “We didn’t know what we were getting in to,” she said.
The current tenants, a hotel, rooftop bar, restaurant, arts organizations, and a local magazine, have been ordered to vacate by the end of August.
Legal troubles grew after the Blanchards revealed that HeraSoft, their blockchain company, was financially insolvent and was unable to pay its employees. Three of those employees claimed they were pressured into accepting equity in Price Tower instead of the money they were owed.
The Blanchards bought Price Tower for a token sum of $10. The building came with $600,000 worth of debt, a figure which, in the last 18 months, has ballooned to $2 million.
Additionally, the sale of heritage furnishings from Price Tower, specifically designed by Wright for the building and prohibited under preservation agreements, has further complicated the situation. The Frank Lloyd Wright Building Conservancy is now exploring legal options to protect the landmark, which faces significant preservation risks as it becomes vacant.
