Tyrone was an elaborately planned community financed by the Phelps Dodge Corporation, based on Mediterranean and European styles, designed by well-known architect Bertram Goodhue and built in 1915 at a cost of more than a million dollars.

A drop in copper prices in 1921 closed the mines and the town was deserted.

The townsite was later destroyed as part of Phelps Dodge's development of the Tyrone open-pit copper mine, which began operation in 1969.

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