It was created on 17 June 1720 for John Blunt, the famous perpetrator of the South Sea Bubble, for his good work for the nation of Great Britain.
He was the main architect of the ambitious scheme for the company to assume the National Debt,[3] and when the bribery and fraud were revealed, Parliament confiscated all his assets except £5,000, while most directors were allowed to retain £10,000.
His son Lieutenant-Colonel Edward Walter Blunt (1869–1949) married Sibell Lilian Blunt-Mackenzie, 3rd Countess of Cromartie.
Consequently, their grandson John Ruaridh Grant Mackenzie, 5th Earl of Cromartie, is also in remainder to the Blunt Baronetcy of London.
The heir presumptive is Jonathan Stuart Needham (formerly Blunt) (born 1955), a great-grandson of the 8th Baronet.