It is situated at the sharpest bend in Calle Real. The façade, built in the early 16th century, is closer in style to medieval military architecture than to the civil aesthetics of the Renaissance.

Its position within the city walls, forming a right angle with the San Martín Gate, necessitated this strong defensive appearance at the entrance, although popular tradition attributes it to the fact that it had previously belonged to a Jew or the city executioner; consequently, the house already had a name which the new owner, with great cunning, changed forever by covering the entire façade with sharp diamond-shaped points.

During the mid-15th century, the building was owned by Pero López de Ayala and his wife Isabel de Silva. Around 1500, it passed to the councillor Juan de la Hoz, who established his main residence there; it was at this time that the building was renovated, including the construction of the new façade.

It is currently home to the Higher School of Art and Design.