Although an earlier predecessor building of Liebeneck Castle was probably constructed around 1590, the building located above the village of Osterspai is a complete new construction from the 1870s.
Presumably immediately after its construction at the end of the 16th century, the Lords of Liebenstein moved their residence from Liebenstein Castle to the representative and new manor house Liebeneck Castle, called "Grauborn". However, in 1651, the territory of the Liebenstein family, which included Osterspai and Kamp-Bornhofen, came into the possession of the Barons of Waldenburg. They were likely the ones who turned Liebeneck into a baroque hunting lodge in the second half of the 17th century. However, the residence no longer met the living requirements of the later owner, Imperial Baron Franz Georg Ernst von Preuschen von und zu Liebenstein - he had the hunting lodge extensively redesigned. From 1873 to 1875, the new building designed by architect Joseph Balthasar Fuchs was constructed in the style of Neorenaissance on the baroque foundations.

The castle is privately owned and not open for visits.