Price Tower: Sold for the debt, $10 and a promise

After years of financial woes and struggles to maintain Price Tower, a local company says it will breathe new life into the historic property.

Copper Tree Inc. took over ownership of the Frank Lloyd Wright-designed skyscraper several weeks ago, with promises to infuse $10 million into the project for upgrades and renovations.

As the only skyscraper designed by legendary Frank Lloyd Wright ever built and as a beloved landmark for the Bartlesville community, the EE is working to learn more about the new owners and the deal struck between the nonprofit Price Tower Arts Center and Copper Tree Inc.

Here's what we found out so far:

What is Copper Tree, Inc.?

Copper Tree, Inc. was incorporated in Delaware a year ago. The company recently released a statement from one of its principals Mike Moran, based in Orlando, Florida, that described Copper Tree as "a privately held company specializing in the acquisition and preservation of historic properties."

Cynthia Blanchard, CEO of Copper Tree, said Copper Tree is "a locally based company with a desire to save Price Tower."

Who are the owners?

When asked who owns Copper Tree, Blanchard said, "Well, you're talking to her, and it's me."

"Our goal is to embrace the community, not push the community away," said Blanchard. "I think that the reason that, not that it's been dodgy, but that it's been like we don't want to get into this person owns this amount because the goal has been since our conversations began that the Price Tower is the heart and soul and that should be the focus."

Blanchard said they don't plan to announce who has equity in the company but she did indicate the number of investors.

"There are five of them, and quite frankly, it's earned equity from the people that have given their time, and they haven't gotten paid for it until now," said Blanchard.

Who else is on the Price Tower team?

Blanchard describes the people involved as "working for," "on the team," "having contracts with," or "consultant," but stops short of calling anyone an employee.

The names Blanchard confirmed are associated with the project are Mike Moran, Dale Takio, Scott Ambler, and Allen Meizlish, some of whom have ties to HeraSoft in Bartlesville, where Blanchard stepped back from her role as president and her husband Anthem Blanchard is listed as co-founder and CEO.

Moran lists his title on LinkedIn as principal at Copper Tree and executive vice principal of marketing and experiences for Price Tower. He was the marketing director for HeraSoft until March of this year. He is also the founder and CEO of Pictoria Studios USA, an Orlando-based software development company specializing in blockchain, AI, 3D animation, and digital media applications.

In a LinkedIn post, Takio announced that he was the Managing Director, Executive Vice Principal and minority owner at Copper Tree, Inc. Currently, he is the special cyber projects and business development advisor for HeraSoft. He also is the chief of business development at Taktik Enterprises, inc., located in Florida.

When asked if he was employed at Copper Tree, Ambler replied, "It's none of your business." But Donna Keffer, director of the nonprofit Price Tower Arts Center and partner at Ambler Architects, called Ambler "an important part of the team."

Ambler said his company would handle much of the $10 million project to renovate the Price Tower and said he had no equity in the Copper Tree.

Meizlish is the co-founder of Helm Ventures and announced on his website and LinkedIn that he was partnering with Copper Tree's development of the Price Tower. None of the projects announced on Helm Ventures' website appears to have been completed and look to be past their stated completion times.

Green Copper Holdings, the company that owns the physical assets of Price Tower, is listed with six other companies belonging to Meizlish on LinkedIn.

What is the deal?

When a not-for-profit sells an asset, it can transfer it to another not-for-profit or sell it for "fair market value" to a for-profit company, according to the IRS.

"We were in an insurmountable amount of debt," said Keffer of PTAC. "And the (Copper Tree) group has taken over operations and that debt."

The PTAC has declined to release the sale price, finalized contracts, the amount of debt that was assumed or the fair market value of Price Tower.

However, Washington County records indicate the assessed value of the property is $6,214,060. Sources familiar with the deal claim the debt was around $500,000.

County records show Brad Doenges, Chairman of the Board of PTAC, signed a quitclaim deed on March 7 turning over Block 47, which houses the Price Tower and Price Tower Annex, to Green Copper Holdings, LLC, a New Mexico company, for the "sum of $10 (ten dollars) and other goods and valuable consideration."

Blanchard describes Green Copper Holdings as a subsidiary of Copper Tree.

"Not only was it a fair market value, but we came in with a commitment to put millions of dollars into this building, and that is a commitment," said Blanchard.

Blanchard and Keffer wouldn't indicate if that deal was contingent on any funding, but reiterated there was a commitment. They said the nonprofit board of PTAC signed off on the sale.

What about the Frank Lloyd Wright Building Conservancy?

The Frank Lloyd Wright Building Conservancy, which facilitates the preservation and stewardship of works designed by Frank Lloyd Wright, holds an easement over the Price Tower that Copper Tree has agreed to abide by, according to Keffer.

"Our purview is over the physical condition of the building, but in terms of what their funding sources or anything like that, that's not our business," said John Waters, preservation programs manager.

Waters said concerns had been shared with the Conservancy about the Blanchards taking ownership and had no comment on the concerns raised.

"In general, we are an advocacy organization for Frank Lloyd Wright buildings," said Waters, "We certainly are interested that the building thrives from that part of our mission, but in terms of our direct legal involvement, it's through the easement."

The Conservancy noted that they communicate with Ambler, and that he is the point of contact for the deal.

This article originally appeared on Bartlesville Examiner-Enterprise: Price Tower sold the for the debt, $10 and a promise