A fortified house belonging to the Cathcarts once stood on this site, which is now occupied by a 19th century monument to William Wallace.
The Auld Tower was a place of considerable strength with incredibly thick walls, and is believed to have been owned by the Cathcart faily until the last of that line died in 1547. It later passed to the Ritchie family, and in 1673 an Adam Ritchie sold it to the Burgh of Ayr.
A belfry was added to the building in 1731, which at that time comprised of two storeys. In 1830 an attempt was made to reface the old tower, however the foundations were discovered to be of such poor quality that the tower was pulled down.
The present tower, designed by Thomas Hamilton, was built on the site in 1832 to commemorate William Wallce.