Smithfield Castle was a 14th century which was later replaced by an 18th century mansion.

By the 16th century Smithfield was held by the Hay family.

In November 1890 Athole Stanhope Hay, third son of Sir Robert Hay of Smithfield and Haystoun and a descendant of John Hay, 3rd Lord Hay of Yester, bought Marlefield House in Roxburghshire from William Montagu Hay, 10th Marquess of Tweeddale.

From 1949 the property was operated as the Venlaw Castle Hotel, its name changing to the Castle Venlaw Hotel in 1997. The hotel closed in 2017 and plans were lodged in 2019 to convert the house into flats.