The building was mainly unused for many decades until a volunteer community group bought the opera house in 1995 and began restoration efforts.

[1] Irish immigrant David McHaffey was the proprietor of a brickyard in Eldon when, in 1891, he constructed the opera house using bricks from his business.

[2] With Eldon being on a main line of the Chicago, Rock Island and Pacific Railroad, the McHaffey Opera House was able to secure a place on the "New York Circuit", bringing in traveling theatre troupes presenting the latest Broadway plays as well as Shakespearean classics, and vaudeville acts.

In 1995 a non-profit corporation of community volunteers formed to save and restore the McHaffey to usefulness after it sat vacant for nearly five decades.

[3] A new heating and air conditioning system has been installed and the roof repaired to prevent further water damage that occurred during the McHaffey's years of disuse.

[6] A popular annual event in southeast Iowa is the Christmas Tree Wonderland held on the main floor of the McHaffey.