Fanscombe Valley had formerly been a manor in the ownership of St Thomas' Hospital, Southwark.
The meeting became a regular fixture of the flat racing calendar on Oak Leaf Day, 29 May coinciding with Wye Fair.
A crowd of 20,000 was reportedly attracted in 1863, despite the difficult access, uphill walk and tiny, 1.75 miles (2.82 km) course.
Accounts suggest a significant proportion of the crowd were more interested in free admission, hospitality and the fair maidens of Kent than horses.
A platform was constructed for racegoers' trains at the south east of the present level crossing, and across the track from the new racecourse.