In 1967, following the deaths of Lilly and his wife, the Lilly children, Ruth Lilly and J.K. Lilly III, gave the estate to the Art Association of Indianapolis to serve as the new art museum. Called the "Lilly Pavilion of Decorative Arts", the house served as exhibit space at the time that the association changed its name to the Indianapolis Museum of Art in 1969. In the years that followed the exhibits focused more on decorative arts and less on the historic aspects of the home and garden. Beginning in the 1980s and 1990s, planning began to restore Oldfields to its former condition. In 2002 the historic home reopened to the public, and in 2003 it was designated as a national historic landmark. The property is considered a historic district and includes 10 buildings and 28 other contributing resources.