The Frank Lloyd Wright Skyscraper That Sold for $10 — Half as Interesting

Quick Overview

Frank Lloyd Wright's only realized skyscraper, the Price Tower in Bartlesville, Oklahoma, sold for a mere $10 in 2023 due to mounting debts and maintenance costs, despite its architectural significance. The building, originally designed in the 1920s and completed in 1956, faced financial struggles under its non-profit ownership, leading to its sale to private investors who also failed to manage its finances, ultimately resulting in another sale to a new preservation-focused company.

Summary

Key Points: Frank Lloyd Wright's only completed skyscraper, the Price Tower in Bartlesville, Oklahoma, sold for $10 in 2023. Wright initially proposed a 10-story building for H.C. Price, but they compromised on a 19-story design, costing $2.1 million in 1956 (approximately $25 million today). The building's unique non-rectangular design included custom-designed furniture, which later became a point of legal contention. After the Price Company moved out in 1981, Phillips Petroleum used the tower for storage for 15 years due to an oil crisis. A non-profit, the Price Tower Arts Center, took over the building, but faced severe financial difficulties, losing nearly $400,000 in 2019 alone. The private investors who bought the tower for $10, Copper Tree Inc., failed to secure promised funding, accumulated $2 million in debt, and illegally sold protected furniture. A judge ordered Copper Tree Inc. to sell the tower for $1.4 million to McFarlin Building Company, with the proceeds managed by the court to pay debts and restore the building and its furnishings.

Context: Frank Lloyd Wright, one of America's most celebrated architects, is known for his innovative designs like Fallingwater and the Guggenheim Museum. Despite a prolific career, he completed only one skyscraper, the Price Tower, in the small town of Bartlesville, Oklahoma. This building, a unique adaptation of earlier, unrealized plans, has faced a tumultuous history of ownership and financial challenges, culminating in a recent sale for a remarkably low price.