The original farmhouse, built in 1606, has undergone many changes. It was moderately enlarged in 1874 by Leopold de Rothschild to form 'Ascott Cottage', a pleasant country retreat and was then expanded to become a fully fledged hunting lodge with stables and kennels. Upon his marriage in 1881 Leopold converted Ascott into a substantial Edwardian country house. George Devey, one of the leading Victorian domestic architects, was employed on these projects.

Ascott continued to expand up until the 1930s with the addition of a new drawing room, bathrooms and bedrooms. In 1937 Anthony de Rothschild inherited Ascott and embarked on a programme to rationalisation aimed at making the house easier to run. Inside the house the rooms were remodelled in order to create a simple, muted background against which his magnificent collection could be displayed. 

Anthony de Rothschild died in 1961 and his son, Sir Evelyn, inherited responsibility for Ascott and lives there with his family. Sir Evelyn has created a new setting for the collection drawing on the Victorian influence that is so much a part of Ascott. In 1988 the porch to the main door was reconstructed to Devey's design.

Ascott, as well as being open to the public, has continued to be a family home, just as Anthony de Rothschild intended when he gave it to the National Trust.

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