Mayfair is named after the annual fortnight-long May Fair that took place on the site that is Shepherd Market today (from 1686 until it was banned in that location in 1764). Until 1686, the May Fair was held in Haymarket, and after 1764, it moved to Fair Field in Bow because the well-to-do residents of the area felt the fair 'lowered the tone' of the neighbourhood.
Mayfair is roughly bordered by Hyde Park to the west, Oxford Street to the north, Piccadilly and Green Park to the south and Regent Street to the east. Most of the area was first developed between the mid 17th century and the mid 18th century as a fashionable residential district, by a number of landlords, the most important of them the Grosvenor. The Rothschild family bought up large areas of Mayfair in the 19th century. The freehold of a large section of Mayfair also belongs to the Crown Estate.
