Treatment of [Cp*Ir(η 5 -PhO)][BF 4 ] (1) with hydride, deuteride, and C-, N-, and S-centered nucleophiles affords the stable η 4 -phenol tautomers of the type [Cp*Ir(η 4 -exo-2-(Nu)-C 6 H 5 O)] (2-6) {Nu ) nucleophile}. In all cases regiospecific nucleophilic addition occurs at the orthoposition relative to CdO with exo-stereochemistry. The X-ray molecular structure of the first neutral phenol tautomer [Cp*Ir(η 4 -exo-2-(CH(COMe) 2 )-C 6 H 5 O] (4) was determined and provides valuable crystallographic information for an organic phenol tautomer. Oxidation of the novel dienone iridium complexes [Cp*Ir(η 4 -exo-2-(Nu)-C 6 H 5 O)] by iodine provided a different type of products depending dramatically on the nature and electron properties of the 2-exo-nucleophile. For instance R 3 C-, RO-, and R 3 P-centered nucleophiles gave the related ortho-functionalized phenols along with the starting material recycled in the form of [Cp*Ir-(µ-I)I] 2 . In dramatic contrast N-and S-centered nucleophiles showed a retronucleophilic addition or C-Nu bond cleavage as demonstrated by complexes 5 and 6 to give the starting material identified spectroscopically and by X-ray structure as [Cp*Ir(η 5 -PhO)][I] (8). In the latter, a rationale involving a one-electron oxidation process is proposed to explain the experimental results.