In the 13th and 14th century, the castle served as the permanent residence of the noble family of the Lords of Ried. The Lords of Ried had a basilisk (a mythical creature in their coat of arms. This still adorns the municipal coat of arms of Ried.
1471/72 the expansion of the tower was made into a stately hunting lodge by the Tyrolean prince, Duke Sigmund the Münzreichen.
In 1550 the court seat was moved from the castle "Laudegg" (Ladis) to the castle Siegmundsried. It functioned as the seat of the court until 1978. Then it was owned by the Austrian army for a few years. Since 1999, the castle has been owned by the town on Ried.