Wallace Island Resort opened in the summer of 1947, and it remained open until the mid 1960’s. Then a good portion of the island, including the resort area, was sold to a group from Seattle, Washington. They formed the Wallace Island Holding Company. They tried in vain to subdivide the island, drilling wells and bulldozing roads. The subdivision never was approved, and the island remained more or less a private club over the years.
On the remaining unsold acreage, David Sr. and his son (along with a crew of five men) built a new home overlooking the ocean. David Sr. lived there until he died in 1983. His house and its surrounding property were then sold to a delightful couple from California.
In 1990, the Wallace Island Holding Company sold their portion of the island to the Provincial Government. Today, it is the Wallace Island Provincial Marine Park. All the cabins except for one have been removed by the parks department. The main house, where David Jr. grew up, is still standing (although it is boarded up) along with a few other buildings.
A few of the origninal signs are still present. The docks remain in Conover Cove where visitors arrive on their boats to explore the island.