Studio devoured story, Wilder's last (7)
I believe the answer is:
atelier
'studio' is the definition.
(atelier is a kind of studio)
'devoured story wilder's last' is the wordplay.
'devoured' becomes 'ate' (I've seen this before).
'story' becomes 'lie' (I've seen this before).
'last' says to take the final letters.
The final letter of 'wilder' is 'r'.
'ate'+'lie'+'r'='ATELIER'
(Other definitions for atelier that I've seen before include "Artist's workshop, studio" , "room for artist" , "Artist's workroom" , "I relate to workshop used by artist" , "Designer's workshop" .)