It is under the management of Patrimonio Nacional, a government agency dedicated to the care and maintenance of properties owned by the Spanish state which the royal family uses.

As such, to ensure that Elisabeth would remain away from the court, King Ferdinand VI agreed to construct a palace at Riofrío for her own disposal.

Elisabeth was created regent till her son's arrival in Spain and subsequently resided at the Royal Palace of Aranjuez, dying there in 1766 having never lived at Riofrío.

Elisabeth had succeeded in placing four of her children on thrones and intended to give the property to her youngest son, Infante Luis, Count of Chinchón, however he did not use it.

Points of interest within the palace include the patio addition, grand staircase, chapel along with its collection of paintings, tapestries and furniture.