From the second quarter of the 14th century until the sale of the entire Bamberg estate in Carinthia to the Austrian state in 1759, the castle served as the residence of the vice-dominus, who represented the bishop in the local issues.
The building, consisting of two irregular, interconnected wings, was converted by Italian architects in the 16th century into a fortress to guard against the approaching Turks.
In 1846, the industrial pioneer, Hugo Henckel von Donnersmarck, acquired the barony of Wolfsberg, mainly because of its wealth of wood and hydropower, which he needed to operate his iron works.
He converted the castle from 1847 to 1853 into a palace in the English Tudor style using the two Viennese architects Johann Romano and August Schwendenwein and had a lavishly decorated interior built.
[2] The current owner of the estate is the Kärntner Montanindustrie (Carinthian Mining Industry), which hires the halls for events and weddings.