It was commissioned by David Steuart Erskine, 11th Earl of Buchan, and it protected as a category B listed building.
In 1991, the William Wallace Trust ,which owns the statue and surrounding land and car park raised funds for a renovation which was carried out by Bob Heath and Graciella Glenn Ainsworth.
At Wallace's feet reads the inscription:[3] Erected by David Stuart Erskine, Earl of Buchan
The peerless Knight of Ellerslie [sic] Who wav'd on Ayr's Romantic shore The beamy torch of Liberty And roaming round from Sea to Sea From Glade obscure of gloomy Rock His bold companions call'd to free The Realm from Edward's Iron Yoke.
Close by are Brotherstone Hill, Dryburgh Abbey, the Leaderfoot Viaduct, Newtown St. Boswells, Scott's View, and the Smailholm Tower.