Edward was born in Rockforest, Tubber, County Clare Ireland,[1] the second son of Charles Hervey Bagot and his wife Mary, née MacCarthy.

He was educated at a school run by Dr. King in Ennis, County Clare, and groomed for service with the East India Company, but was prevented by a health problem from taking a position.

[1] His properties included the Murthoo Run 1846–, Ned's Corner, on the River Murray, 1854–, Kulnine, Wall Wall, "Beefacres" (now Windsor Gardens) on the River Torrens, from 1853 to 1864, Mudla Wirra (with Richard Bowen Colley) 1865–, description of Beefacres at http://nla.gov.au/nla.news-article50169874 He purchased Northern Territory lease No.1 and No.

He was persuaded to take up a mining lease in 1874, and set up the "Golden Reef Company", but dissolved it as soon as he found the claim worthless.

[13] A section of grazing land held by Bagot and Bennett at Mile End, bounded by the thoroughfares now known as Henley Beach Road, South Road, Darebin Street and Bagot Avenue, was used by them from 1–2 January 1838 to 1869 as a racecourse (the "Thebarton Course"), notably for the South Australian Jockey Club.

He was well-known (and loved) for his eccentric dress — knee breeches, gaiters, shooting coat, and a terribly out-of-fashion broad-brimmed belltopper hat, even in the hottest weather — and there was no shortage of sightings up to North Adelaide but then the trail went cold for the hundreds of citizens and police out searching for him.

Edward Meade "Ned" Bagot (13 December 1822 – 24 July 1886) married Mary Pettman[16] (1830 – 5 March 1855) on 1 August 1853.