Peter Lee established a home on land near the center of the ʻŌlaʻa Summer Lots 29-Mile subdivision, which later become Volcano Village. Noting the need for a school there, in 1914, Peter Lee donated a one-acre site on Haunani Road (named for one of his daughters) to the Territory of Hawai‘i for a “school to teach the children of the region”.
In 1915 the first school building was constructed – a classic one-room structure, along with a teacher’s cottage, small garage, and water tank. The school was named “Keakealani School” in honor of another of Lee’s daughters. By Executive Order No. 1040 dated November 27, 1943, control of the subject property was placed in the Territorial Department of Public Instruction, now the Department of Education (DOE). DOE operated a public school on the site until 1973; the site is now used by Volcano School of Arts and Sciences (Volcano School), a public charter school.