Unthinkable Deal on a Frank Lloyd Wright Home? Tulsa Icon Heads for the Auction Block

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Unthinkable Deal on a Frank Lloyd Wright Home? Tulsa Icon Heads for the Auction Block

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Back in April, a remarkable Frank Lloyd Wright home in Tulsa, OK, was listed for just under $8 million.

Now, buyers have a chance to acquire the place for less than a tenth of that price.

That’s right. The home is coming up for auction, and there is no reserve.

Frank Lloyd Wright home
Frank Lloyd Wright home in Tulsa, OK

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That means there is no minimum-bid requirement. Technically, someone could get the incomparable property for a buck.

But that’s obviously not going to happen. The auction opens Nov. 30 and will end Dec. 14, according to the listing. Starting bids are expected to come in anywhere between $1.5 million and $3.25 million—which would still be an inconceivable bargain, considering the home remains listed for $7,995,000.

The 10,405-square-foot house is unlike any other. Known as Westhope, the home was designed by Wright and completed in 1929 for his cousin, Richard Lloyd Jones. It’s a Tulsa landmark and was added to the National Register of Historic Places in 1975.

Unparalleled exterior

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Local developer Stuart Price purchased the five-bedroom, 4.5-bath home in 2021 for $2.5 million, then tackled a complete renovation, inside and out. He refinished and replaced as many original features as possible, while adding others to better accommodate a modern lifestyle—all without diminishing Wright’s brilliant design.

Frank Lloyd Wright home
Primary suite

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Fully renovated bathroom

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Remarkable restoration

“Before the present owner purchased the property, the home had fallen into a state of neglect,” explains Matt Kreston, business developer and the home’s auction representative at Concierge Auctions, which is handling the auction. “Many of the thousands of window panes had fogged, and their casements rusted. Some of the textile blocks had chipped and had mildew growing up its side. The current owner undertook substantial efforts to replace glass panes, repair rusted casements, re-point, and repaint textile blocks.”

Restored windows and textile blocks

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Kreston also notes that the interior’s “sprawling concrete floors were damaged and peeling. In some areas, old carpet was glued down and tack strips nailed into the concrete. Walls had drywall damage or chipping paint.”

Refinished concrete floors and windows

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To fix that, carpet was pulled; concrete floors were repaired, sealed, and stained; and walls were repaired and repainted.

In addition, the formerly “empty, brown, and unusable” pool is now beautifully restored, Kreston says.

Restored pool

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The kitchen was also significantly improved; and major components, including the HVAC system and roof, were renovated.

Updated kitchen

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Why risk an auction?

Because this iconic home has been restored to its original glory, and arguably improved upon, one question looms large: Why run the risk of auctioning off the property for a winning bid that is potentially much lower than its list price?

“Taking part in an auction allows sellers to present their property to a diverse audience of potential buyers, especially those who regularly follow Concierge Auctions for our array of featured properties,” Kreston explains. “Additionally, it boosts confidence, assuring that the property will be sold by a predetermined date, at the most favorable market price.”

There’s a great deal to be said for exposing the home to international buyers who are ready, willing, and able to pay full price (or more) for this architectural gem.

“We anticipate a diverse pool of potential buyers, including architects, art and history connoisseurs, and design professionals, drawn to the property’s famous aesthetic,” Kreston says. “Additionally, collectors and prominent Tulsa residents seeking an exclusive, distinctive, artistic home are expected to express significant interest in the property.”

Will Westhope be sold ‘as is’?

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Scrolling through the photos, you can’t help but notice amazing details like unique, built-in light fixtures and seating, along with custom, handcrafted bookcases and cabinetry. These are all included in the price.

Built-in light fixtures

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Custom seating

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Specially crafted bookcases

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Prairie-style furnishings

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But the accessories and furniture, some of it designed in Wright’s favored Prairie style, won’t be included in the price.

“The furniture is staged and does not come with the property,” Kreston says.

But those pieces are somewhat easily acquired elsewhere. The home’s invaluable structure, design, and provenance are not.

The post Unthinkable Deal on a Frank Lloyd Wright Home? Tulsa Icon Heads for the Auction Block appeared first on Real Estate News & Insights | realtor.com®.

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