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The Newell Historical Society was formed in 1988 for the purpose of preserving the historical aspects of Newell and the surrounding community. The Allee Mansion was acquired in a lease with Iowa State University for the purpose of restoration.

The mansion now houses historical displays and is host to events reflecting community history. The mansion is on the National Register of Historic Places. The exterior is painted in a Victorian color scheme of 12 colors. This project was partially supported by a Resource Enhancement and Protection (REAP)/Historical Resource Development Program (HRDP) Grant from the State Historical Society of Iowa and the Buena Vista County Community Foundation.

In 1997, they were awarded, by the State Historical Society of Iowa, the Loren Horton Community History Award for an outstanding preservation project. In 1998, The Iowa Historic Preservation Alliance awarded the Newell Historical Society the Iowa Best Preservation Award for outstanding work in maintaining and securing Newell's history with the Alle Mansion.