Lake Malone building lot! Deep Water Estates is a beautiful lake community on Lake Malone. Build your dream home today at Lake Malone! Lake Malone is a 788 +/- acre Kentucky lake located in Logan, Muhlenberg and Todd Counties. Considered a hidden gem, this lake is one of the most scenic lakes in the state of Kentucky. The lake is accessible year round and features so many amenities including hiking, fishing, water sports and camping. Lake Malone features a state park, hiking trails, coves, Shady Cliff Marina and beautiful views of bluffs and hardwood forests. This area is perfect for a vacation getaway or a permanent lake home!