The first creation came in the Peerage of Great Britain 1782 in favour of the barrister and Whig politician Sir John Dunning. This creation became extinct in 1823 on the death of his son, the second Baron.
The title was revived in the Peerage of the United Kingdom in 1835 for the financier and Tory politician Alexander Baring. He was the first cousin of the last holder of the 1782 creation. A member of the distinguished Baring family, Lord Ashburton was the second son of Sir Francis Baring, 1st Baronet, the uncle of Francis Thornhill Baring, 1st Baron Northbrook, Evelyn Baring, 1st Earl of Cromer and Edward Charles Baring, 1st Baron Revelstoke, and the great-uncle of Thomas George Baring, 1st Earl of Northbrook and Evelyn Baring, 1st Baron Howick of Glendale.
Lord Ashburton was succeeded by his eldest son, the second Baron. He held office in the second Tory administration of Sir Robert Peel. His younger brother, the third Baron, represented Thetford in the House of Commons. He was succeeded by his eldest son, the fourth Baron, who also sat as a Member of Parliament for Thetford. His son, Francis Denzil Edward Baring, succeded as the fifth Baron in 1889. The fifth Baron was married twice; his second wife, Frances Donnelley, having been one of Broadway's celebrated "Florodora" sextet in New York. His only son, Alexander Francis St. Vincent Baring, the sixth Baron, was a member of the Hampshire County Council and Lord Lieutenant of Hampshire. As of 2007 the title is held by the latter's son, the seventh Baron. He is a prominent businessman.
The Heir Apparent is the present holder's son Hon. Mark Francis Robert Baring (b. 1958)