The station has a rich history dating back to 1838 when James D Baillie settled there.

In 1843, Philip Russell and his cousin Robert Simson arrived in Port Phillip. They became business partners and for £950 bought 3,500 sheep from the insolvent Baillie estate, including the 30,000 acre Carngham Station.

Philip Russell and Simson designed their Carngham cottage for two couples. Both married in 1851 and Russell took his bride Annie Lewis to Scotland, while Simson took charge at Carngham.

In 1853 the partners separated and Philip Russell took Carngham over.

In January 2013, the homestead was burnt down in the Carngham and Chepstowe fires. It wasn’t the first time this had happened. In 1918 a log rolling from a fireplace razed the building, leaving just a few stone walls and chimneys remaining of the 45 room dwelling.