Price Tower, the sole skyscraper designed by the renowned architect Frank Lloyd Wright, is on the brink of closure just 18 months after its acquisition by Copper Tree Group. The building is set to close due to a series of scandals, legal troubles, and severe financial mismanagement.
Frank Lloyd Financial Troubles and Mismanagement
Copper Tree Group, led by Anthem and Cynthia Blanchard, purchased Price Tower with grand ambitions. The Blanchards promised a $10 million investment to revitalize the iconic structure, envisioning it as the centerpiece of a project dubbed “Silicon Ranch.” This initiative aimed to attract the tech sector to Bartlesville. However, the modernization plans, including a boutique hotel and upscale restaurants, failed to materialize.
In an interview with Tulsa-based radio station 102.3 KRMG, Cynthia Blanchard admitted that the acquisition was premature. “We didn’t know what we were getting into,” she said. The Blanchards bought the building for a nominal $10, inheriting $600,000 in debt that has since surged to $2 million.
Legal Issues and Preservation Concerns
The Blanchards’ legal woes have compounded the situation. HeraSoft, their blockchain company, faced insolvency, which led to claims that the Blanchards pressured employees to accept equity in Price Tower instead of receiving their owed salaries. Additionally, the Blanchards’ sale of heritage furnishings—designed by Wright and protected under preservation agreements—has sparked legal and preservation concerns.
The Frank Lloyd Wright Building Conservancy is exploring legal options to protect the landmark as it becomes vacant. The removal of the original furnishings and the building’s overall neglect pose significant risks to its preservation.
Current Status
As of the end of August, tenants including a hotel, rooftop bar, restaurant, arts organizations, and a local magazine must vacate Price Tower. The building’s future remains uncertain as it faces mounting challenges and legal complications.
Conclusion
Price Tower’s journey from an ambitious revitalization project to a troubled asset underscores the complex interplay between financial management, preservation, and legal issues. The fate of this architectural gem hangs in the balance as stakeholders seek solutions to preserve its legacy.