It was created in 1933 for the soldier and Liberal politician J. E. B. Seely.
He was the fourth son of Sir Charles Seely, 1st Baronet, and the uncle of The 1st Baron Sherwood.
He notably served Lord Lieutenant of the Isle of Wight from 1986 to 1995 and as the last governor of the Isle of Wight between 1992 and 1995 and was succeeded by his son as the fifth baron, in 2011.
In turn, the fifth baron was succeeded by his elder son in 2013.
The heir presumptive is the present baron's younger brother Hon.