One of the first settlers of 'Paradise Valley' was Oliver Henry Perry (O.H.P.) Read, who arrived in Texas from Missouri circa 1858 and settled near Rush Creek in the southern part of Wise County. This part of Texas was home to many buffalo, deer, wild turkey, and antelope. The river valley was abundant with colorful wildflowers of red, blue, and yellow. The valley rose to a beautiful prairie toward the West.
Before long, Read and his family were neighbors to clergyman John Toller, cabinet-maker John Wood, farmers John Gallington Stevens I, William Burress, William Mershon, Frank Holden, the Perkins, the Kincanons, and stock raiser Jonathon Youngblood.
In 1873, the town of El Dorado was established on land that OHP Read has purchased. Bill Anderson built the first store there, and soon the town began to grow. The town was laid out in a square, and on the SE corner, a water-well was dug for use by the citizens of El Dorado. The square was bordered by Anderson Street (N), Banks Street (E), Fannin Street (S), and Weaver Street (W). Anderson Street ran East-West and connected with present day Sunflower Road.
The stage line from Weatherford to Gainesville came through the little town, stopping for passengers on its way. Soon a blacksmith shop and wood shop were added to the growing town. On March 10, 1876, the town was awarded the right to have a post office, but since another town in Texas was already named Eldorado, the town had to change its name. One of the first settlers, William Burress, wanted to name the town Paradise Prairie because it reminded him of Paradise on Earth. Lundy B. Haitt became the result postmaster.
The "old town" of Paradise Prairie lasted almost 20 years until the Rock Island Railroad came within one mile northeast of the town in 1893. As a result, many businesses began to move nearer to the railroad to create the "new town", now known as Paradise.