According Kenneth Goldstein:
This [Child] ballad describes the burning and sacking in 1640 of the castle of the Earl of Airlie, a supporter of Charles Edward, by the Duke of Argyll. Airlie, aware that he would be forced to renounce the King, left Scotland, leaving his house in the keeping of his oldest son, Lord Ogilvie. Argyll, ordered to proceed against the castle, raised several thousand men for the purpose. When Ogilvie heard of his coming with such a huge force, the castle was abandoned. Lady Ogilvie’s defiance is an invention of the ballad muse, for it has been fairly well established that none of the family was there at the time the castle was sacked.
Here’s a version by a young band making a tremendous mark in the world of traditional music, Full Set, with singer Teresa Horgan.
The Bonnie House of Airlie
It fell on a day, on a bonny summer’s day
When the sun shone bright and clearly,
That there fell oot a great dispute
Between Argyll and Airlie.
Argyll he has mustered a thousand o’ his men,
And he’s marched them in right early;
He’s marched them up by the back o’ Dunkeld,
Tae plunder the bonnie hoose of Airlie.
Lady Ogilvie she looked frae her window sae high,
And oh but she grat sairly,
To see Argyll and a’ his men
Come plunder the bonny hoose of Airlie.