The Malone House was built in 1839 by James Cole Alderson (d. 1850), a wealthy local banker. Alderson Street (which runs next to the former site of the Malone House) is named after Mr. Alderson. The house was one of the earliest Greek Revival homes in town, and was also one of the first brick buildings in Holly Springs. There is a good possibility that the house was designed and built by local architect Israel Sailer, though there is no definitive proof. After Alderson’s death in 1850, the house was inherited by his daughter, who had recently married Dr. Thomas J. Malone (1806-1893), a physician and wealthy planter who used this house as his town home. Malone was an early benefactor of the Franklin Female College (1849), and it is said that the Franklin Female College was born in this house. Eventually, Franklin Female College was renamed Malone College in honor of Dr. Malone.
The Malone family lived in this house for over forty years. In the early 20th century the house was owned by Bishop Elias Cottrell. Eventually the house fell into disrepair and was in danger of being demolished. Thankfully the Holly Springs Garden Club, using New Deal programs, restored and renovated the house for use as the Garden Club headquarters. The Garden Club also enclosed the back garden with a serpentine wall.
By the 1970s, the house was owned by Charles Dean (died 1983), one of the town’s historians and historic preservationist who again restored this house. In one of the worst historical and architectural losses in the history of Holly Springs, the Malone House was sold to an out-of-town entrepreneur in the 1980s and, against a local outcry led by Museum Director Lois Swaney, the beautiful house was torn down in 1988 and replaced with an ugly metal and brick modern building, now home to the “Dollar Millinium Beauty Supply”. “Progress” at its finest.