Lakeholm was built as the home of Columbus Delano while he served as Secretary of the Interior under President Ulysses S. Grant from 1870 to 1875. Delano (1809-1896) came to Mount Vernon in 1817, attended public schools, studied law, and was admitted to the bar in 1831. Along with practicing law in Mount Vernon and serving as the Prosecuting Attorney of Knox County, he was also a farmer, mill owner, and politician. Lakeholm, originally part of a 300-acre farm, retains many of its original rooms and Italianate features. In 1966, 209 acres of the farm were acquired to establish Mount Vernon Nazarene College, and the house was used for offices, meeting rooms, and classrooms. In 2002, the college became a university and continues to use Lakeholm for administrative offices, making the historic building a focal point on the Mount Vernon Nazarene University campus and a symbol of the institution's ties with the Mount Vernon community.