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The first settler in the Venice area was Francis George Wall, an early resident of Glenwood. In 1875, Wall bought an 80-acre tract of land, then called the Cove River Ranch, on the south side of the Sevier River. He built a cabin and moved his family from Manti. As other settlers moved in, the settlement was named “Wallsville”.

One of the most important structures in town was the bridge across the Sevier River. The first such bridge was built as early as 1885. A log meetinghouse was built in Wallsville in 1887, and used for both school and church meetings. A post office was established in the local general store in 1894, and in 1900, a ward of The Church of Jesus Christ of Latter-day Saints was organized. Residents voted to rename their community “Venice”.

In 1900, a white brick schoolhouse was built. This school operated until 1924, when the school district built a new building in Venice, and the old building was sold to the LDS Church. This building, with numerous additions over the years, served as the ward meetinghouse until it was torn down in 1984. The school was closed in 1950, but still stands as a Venice landmark.

The Marysvale Branch of the Denver and Rio Grande Western Railroad was formerly the most important transportation corridor in the area. It ran through the northwestern corner of Venice, transporting farm products as well as passengers. The railroad line was closed down after the 1983 landslide at Thistle.