An auction expected to sell a piece of architectural history to the highest bidder has been postponed until the new year.
The ownership group of Price Tower, the only realized Frank Lloyd Wright-designed skyscraper, pulled the property from a scheduled auction this week that had already been postponed from October, according to the broker. The iconic 19-story tower in Bartlesville, Oklahoma, was listed on Ten-X, an online platform owned by CoStar Group, with a beginning bid of $600,000.
The auction is being rescheduled until the first quarter of next year, said Scott Schlotfelt, managing director with Cushman & Wakefield, who represents Price Tower's ownership group. Schlotfelt is working with Ten-X on the listing.
The rescheduled auction comes as litigation continues in an Oklahoma district court between the current ownership group of Price Tower, led by Cynthia Blanchard, and McFarlin Building LLC, a development company based in Tulsa, Oklahoma, led by John Snyder. In court documents, McFarlin Building has asked the court to force the Blanchard-led ownership group to convey Price Tower to them for $1.4 million because of a contract the parties signed in May.
Blanchard's attorney John Farley III of Helton Law Firm said in court documents filed last week that Blanchard denies a legal contract exists between the two parties.
Snyder and his spokesperson did not immediately comment on the litigation to CoStar News on Monday. Blanchard deferred comment to her broker, Schlotfelt.