After the death of Philip V, Queen Isabella Farnese lived in La Granja during the reign of Ferdinand VI (1746-1759). It was during this time that she acquired the property known as Coto de Riofrío and began building a new Royal Estate.

The architecture of the Palace is Italian, and the two main staircases, identical and symmetrical, are the focal point. Francis of Assisi of Bourbon, Isabella II's husband, and Alfonso XII spent long periods at Riofrío, the latter after the death of Queen Mercedes of Orléans. The décor of the royal rooms that occupy half of the main floor dates from these reigns. The rest of this floor is where the Hunting Museum, one of the most important of its kind, is located. This is the Hunting Museum.