Dissolve/merge features without creating new feature class python

[2Quiker]

I have a feature class that can have many features within it i would like to merge all the features in this feature class into just one based on the "BUFF_DIST" like you would in ArcMap when you start editing, select all the features and go to edit, merge and you get the popup "Chose the feature with which other features will be merged:" i am trying to avoid creating a new feature class. Anyone done this or have an example of some python code?

[JoshuaBixby]

If you are working with shape files (time to move on already, don't you think? ), the unique ID is commonly FID instead of OBJECTID.  Try changing the sort field from "OBJECTID" to "FID".