The only existing skyscraper designed by Frank Lloyd Wright is cleared for sale to a commercial real estate owner known for preservation work.
McFarlin Building LLC can proceed with buying Price Tower in Bartlesville, Oklahoma, a city almost 50 miles north of Tulsa, from Copper Tree Inc. and Green Copper Holdings LLC for $1.4 million, an Oklahoma district court judge has ruled.
The agreement was initially struck between the buyer and sellers last year but fell apart after legal disputes arose related to Price Tower artifacts designed by Wright and claims and debts on the building. The sellers, led by Cynthia Blanchard, had planned to part with the iconic 19-story tower along Dewey Avenue through auction, but the process was postponed because of legal disputes.
District Judge Russell Vaclaw ruled the $1.4 million paid for Price Tower will be held in a fund until claims, liabilities and debts are paid on the property. He also ordered that the artifacts from Price Tower sold by Blanchard be returned to the property or the amount of those items will be deducted from the fund.
The buyer, McFarlin Building, is led by John Snyder, who redeveloped the historic Mayo Hotel in Tulsa and converted the so-called triangle building in Pawhuska, Oklahoma, into a historic hotel.
Price Tower has been vacant for months, and the building's utilities have been turned off, according to court records. McFarlin Building plans to turn back on the utilities, including its heat and lights, and check out the condition of the structure, said Jess Kane, the attorney representing McFarlin Building. Much of the southern United States was hit with cold fronts this week not seen in years, and temperatures in Bartlesville got below freezing. Buildings in the southern U.S. typically aren't built to withstand the arctic-like tundra conditions of the northern states, and if there's no access to utilities and power, those temperatures could cause water lines to freeze and buildings to be damaged from bursting pipes.
"We are all hoping for the best, but it's been quite cold here, and a building without any heat or electricity ... you don't know what damage might have been done with the freezing temperatures," Kane said. "We have to wait to see the condition of the building when we have access to it."
The new ownership group must wait for the judge's order to be entered into the district court's records before the sale becomes official, Kane said, adding that he expects it to happen this week.
The seller, Blanchard, and her attorney John Farley III of Helton Law Firm didn't respond to requests for comment from CoStar News about the judge's ruling.
Restoring glory
Price Tower opened in the 1950s after businessman Harold C. Price commissioned Wright to design a new headquarters for his pipeline company in Bartlesville. The tower, complete with Wright-designed furniture and other artifacts, was the tallest project ever built by Wright.
The Blanchard-led entities purchased the tower in 2023 with plans to redevelop it. But the project didn't work out as planned, and Blanchard decided to put the financially struggling building up for auction last year to try to recoup costs.
The McFarlin team is "very pleased" with the judge's decision, with Price Tower being a "very important building, not only to the city of Bartlesville, but also to the state of Oklahoma," said Kane, the lawyer representing the buyers.
Local stakeholders said they hope the city can capitalize on the iconic Wright-designed tower and the new owners' ability to restore the structure.
"I think everyone is cautiously optimistic that this at least gets the ball rolling," Maria Gus, executive director for local tourism organization Visit Bartlesville, told CoStar News. The McFarlin team has "a proven track record in refurbishing old buildings and operating successful hotels."
The Mayo Hotel in Tulsa gained some fame in the Paramount+ television series featuring Sylvester Stallone "Tulsa King" that began filming in 2022.
A spike in tourism or business from Price Tower's revival would benefit the city, Gus said, similar to when Acadamy Award-nominated movie "Killers of the Flower Moon" was filmed in the area in recent years.
"We are definitely feeling hopeful," Gus said. "We want to reopen this fantastic internationally known building and get people to come here."