In 1988 the property was purchased by an interested Hoover descendant, Larry Hamilton (1940-2004) from Massachusetts. He set about the difficult task of restoring it, established the Cottonwood Mansion Preservation Foundation, and built his own apartment behind the Mansion.
In February of 1989 the Cottonwood Mansion Preservation Foundation was established to restore the Mansion and to secure artifacts for it that reflected the Victorian and Edwardian periods. To obtain charitable status, the Foundation was also required to provide experiences of these two historical eras. In 1994 the bulk of the restoration was completed with considerable financial contributions to the project from local residents and far-flung interested parties, and with an enormous amount of sweat equity. Dedicated volunteers and some paid professionals continue to make the mansion a living museum through special events, most with a Victorian/Edwardian flavour, rentals, and tours.