While the exact construction date is unknown, Ascot was possibly built in the 1870s as a private residence for Frederick Hurrell Holberton, a Toowoomba storekeeper and later Member of the Queensland Legislative Council.

The grounds of Ascot contained a glasshouse, stables, croquet greens, tennis courts and extensive gardens, which included trees and shrubs bought from overseas.

The Register of the Queensland Parliament, 1860-1927 states that Francis Gregory, the owner of Harlaxton House, resigned as Mining Commissioner for Stanthorpe in November 1872 to take over the administration of the estate of his late friend William Beit, and the family moved to Westbrook.

[1] It is thought that William Beit named the house Ascot, reputedly because of his interest in horse racing.

In the 1890s, Beit added a two-storeyed extension with a large billiard room, designed by Harry Marks to the original U-shaped house.

After training under his father, architect James Marks, Harry entered into partnership with him in 1892 and spent his entire career in Toowoomba.

During his career he invented and patented numerous ventilators, reversible casement windows and a method of stucco construction.

[1] The Trustees Quarterly Review, April 1912 states that: Queensland Trustees Limited, as attorneys for Mr William Beit, also placed on the market the beautiful house and park lands known as "Ascot", and though the house property itself failed to find a purchase, the remainder of the estate found great favour with the public, and the whole lot was sold at the auction sale from £275 to £450 per acre.

Ownership passed to Frederick Ernest Bennett, a local Land, Estate, Stock and Station Agent, who bought it as a wedding gift in 1915 for his second wife Nancie Isabel Christoe Horwood.

The house has a verandah around three sides under a separate roof, supported by slender double columns with decorative cast-iron capitals.

The folly is a tall narrow structure with layers of pediments, window and door frames, trimmings and brackets giving the facade a textured appearance.

[1] The top of the facade is marked by two flying gables with triangular pediments and semi-circular valances with a central finial.

On the eastern side of the tea room is the former maids' quarters accessed by a small set of steps.

On the western side of the tea room also accessed by some steps through a gothic arch way is the commercial kitchen situated in what was originally the scullery.

[1] The second storey of the folly rises only above the former billiard room area and is accessed by a curved timber stairway from the ballroom.

[1] The place has a special association with the life or work of a particular person, group or organisation of importance in Queensland's history.

Ascot House is significant for its association with prominent Toowoomba architect William Hodgen, who designed 1899 alterations to the stable and kitchen.