Adjacent to a pilgrimage chapel "Zu unserer lieben Frau" (Our Lady), already existing in 1449 on the "Frauenberg," a ridge southwest of Bönnigheim, the monastery was founded in 1477 by resolution of the Provincial Chapter in Bamberg as a Franciscan Observant Cella on the fiefdom of Archbishop Dietrich of Mainz. The initiative for this may have originated from a visitation of the monasteries in Heilbronn and Leonberg conducted the previous year by Vicar Johannes Philippi. It is likely that the Cella, planned not as a convent but as a "residence," was at least initially dependent on the convent in Heilbronn. The monastery family comprised around twelve brothers; their names between 1486 and 1543 are recorded in the chapter tablets and an obituary. The superiors initially called themselves vicars, possibly because of their dependence on Heilbronn, and from 1501 onward, they were called "presidents." The monastery was run by the Franciscan provincial chapter of Strasbourg from 1478 to 1543.
With the introduction of the Reformation following the Peasants' War in 1525, the monastery's religious life was restricted, and its continued existence was limited to the lifetime of the monks present. In 1540, the last monk left the monastery. Two years later, Archbishop Albrecht of Mainz handed the abandoned complex over to the care of the city. The monastery fell into disrepair and was demolished in 1792. Few fragments of architecture and furnishings have survived.
A brief archaeological investigation, including surveying of the preserved foundations, was carried out during the land consolidation of 1974/76. The foundations of the choir, now in an idyllic location, were consolidated and are accessible.