Cypress Lake was built just down the road from the historic Riggs Millpond, possibly on land once owned by Abraham Riggs (1814-1886), but other than that, its history has been somewhat elusive. According to the National Inventory of Dams, the pond and dam date to 1912. The present spillway and pavilion may be contemporary to that date but I cannot confirm. At the very least, both have likely been updated over time.

The dam was compromised during Tropical Storm Debby on 7 August 2024 but survived the deluge. These photographs were made in 2021.