It was founded in 1612, thanks to the intervention of the neighborhood, and was completed in 1619. Its greatest benefactors were Mrs. María Cervantes Gallego and D. Juan de Mayorga and its construction is attributed to Juan Bautista Monegro. It was inhabited by reformed Franciscan monks and the church was entrusted to Saint Peter and the Immaculate Conception. In 1769, the chapel of the Third Order was added, built at the expense of Dª Úrsula Mayorga Cervantes, whose shield is preserved above the door. Starting in 1833, the convent suffered the disentailment process that meant the disappearance of the Franciscan community, passing into state hands that turned it into the headquarters of the Judicial Party of Madridejos, placing its offices and prison there. The chapel became a children's school and the teacher's home. Over the years the building has been used for various uses, Investigative Court, prison, school, warehouse, etc., until in the 70s a group of volunteers began its restoration to use it as a House of Culture. Today the Church houses the image of the patron saint of Madridejos, Our Lady of Valdehierro, and the convent houses the Saffron and Ethnological Museum as well as the Tourist Information Point.