Abstract Lunar cold spots are extensive, ray‐like regions of reduced nighttime temperature surrounding young impact craters. Using improved Diviner temperature maps, we identify a faint cold spot surrounding South Ray crater at the Apollo 16 landing site. South Ray crater’s age (∼ ${\sim} $2.08 ± 0.17 Ma) is consistent with the fading trend of other large cold spots, making it the oldest known cold spot. Astronaut footprint depths collected during the Apollo missions indicate a statistically lower relative density within the upper ∼ ${\sim} $15 cm of regolith at Apollo 16 compared to other Apollo sites. This agrees with thermal modeling, which requires a lower average density to explain the reduced nighttime temperatures. These results provide both in situ and orbital evidence that cold spots result from a decompaction of the upper centimeters of regolith. Further analysis of Apollo 16 samples and observations can inform our understanding of cold spot formation, and their influence on regolith evolution globally.