Although an earlier predecessor building of Schloss Liebeneck was probably already constructed around 1590, the building located above the village of Osterspai is a complete new construction from the 1870s.
Presumably shortly after its construction at the end of the 16th century, the Lords of Liebenstein moved their seat from Burg Liebenstein to the representative and newly built manor house Schloss Liebeneck, known as "Grauborn". However, in 1651, the territory of the von Liebenstein family, which included not only Osterspai but also Kamp-Bornhofen, was acquired by 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 residential requirements of the later owner, Reichsfreiherr Franz Georg Ernst von Preuschen von und zu Liebenstein, no longer met the property – he had the hunting lodge extensively remodeled. From 1873 to 1875, the new building designed by architect Joseph Balthasar Fuchs in the style of the Neo-Renaissance was constructed on the Baroque foundations.

The castle is privately owned and can only be viewed from the outside.