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There's been a settlement at Falside since as far back as the 14th century, but the farm and steading, before its conversion, is thought to date back to the late 18th/early 19th century and would've been part of the Pitmilly lands, owned by the Moneypenny family for several centuries, until the estate was broken up around a century ago. There are two other historic landmarks at Falside Farm including a flax mill, thought to date back to 1790, and an adjacent miller's house, both of which are in a derelict state and lie just off the Fife Coastal Path, near the Kenly Water.

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The redundant farm steading began its life as a cattle court and features an iconic mill ring, which has been rebuilt in the exact same way in would've been originally, using steel instead of wood in places to meet modern structural requirements.

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The farm's current owner, Richard Lumgair, took on Falside in late 2016 and immediately spotted an opportunity in the booming market for events' spaces in the East Neuk. He said: "When we took on Falside, we were given such a great opportunity to restore a farm steading which had fallen in to disrepair. It was a case of do something with it now, or let the elements get the better of it, which is why we decided to convert it in to an events space. We've managed to salvage all of the stone from the building and have reused it all in the rebuild. Unfortunately, we couldn't reuse many of the original roof pan tiles, but we've used clay replacements which would be the same as the original ones when they were first put on. It's been an exciting, but challenging, adventure to try and restore the steading to its former glory.