The first creation came in the Peerage of Ireland in 1776 when Sir Richard Philipps, 7th Baronet, of Picton Castle was made Baron Milford (there was no territorial designation).
However, this title became extinct on his death in 1823, while the baronetcy was passed on to a distant relative (see the Viscount St Davids).
Born Richard Bulkeley Philipps Grant, he was the son of John Grant and Mary Philippa Artemisia, daughter of James Child and Mary Philippa Artemisia, daughter of Bulkeley Philipps, uncle of the first Baron of the first creation.
He devised his estates to his half-brother Reverend James Henry Alexander Gwyther, who assumed the surname of Philipps.
The title was revived for a second time in the Peerage of the United Kingdom in 1939, when Sir Laurence Philipps, 1st Baronet, was made Baron Milford, of Llanstephan in the County of Radnor.