The house was constructed in 1828 by William Jenkins, a local lawyer. The second owner was Thomas Fuller Potter. He sold it to William M. Meredith in 1845. Wheatland changed hands again in 1848, when it was purchased by Buchanan. Buchanan occupied the house for the next two decades, except for several years during his ambassadorship in Great Britain and during his presidency. After his death in 1868, Wheatland was inherited by Buchanan's niece, Harriet Lane, who sold it in 1884 to George Willson. It was inherited by a relative of Willson's in 1929. Wheatland was put up for sale again after the relative died in 1934 and was acquired by a group of people who set up a foundation for the purpose of preserving the house. Wheatland was designated a National Historic Landmark in 1961 and was added to the National Register of Historic Places in 1966. It was designated a contributing property to the Northeast Lancaster Township Historic District in 1980. The foundation and the adjacent historical society merged in 2009.