It was created in 1784 for the 1st Baron Beaulieu, who had earlier represented Tiverton in the House of Commons.
His son and heir, John, Lord Montagu, predeceased him.
Consequently, both titles became extinct on Lord Beaulieu's death in 1802.
Between 1790 and 1802, Earl Beaulieu also held the title Lord of Bowland, a lordship he inherited on the death of his father-in-law.
On his death, the Lordship of Bowland passed to his sister-in-law's husband, Henry Scott, 3rd Duke of Buccleuch.