This site is said to be the birthplace of the founding king of the Silla kingdom (57 BCE-935 CE), Bak Hyeokgeose (b. 69 BCE, r. 57 BCE-4 CE).
According to the History of the Three Kingdoms (Samguk sagi), there were once six villages in the various mountain valleys of the eastern Gyeongsang region. In 69 BCE, the six village chiefs all gathered in one of the villages to discuss forming a kingdom and selecting a king. During the meeting, a strange light shone from the sky. When the light was followed, it led them to a kneeling horse who was crying in the forest next to the Najeong Well. Suddenly, the horse disappeared, and a large egg was discovered at the spot where the horse knelt. A boy, Bak Hyeokgeose, came out of the egg and was raised by one of the chiefs. When he was 13 years old, they made him king.
This site was first commemorated in 1803 when a stele was which recorded the life and achievements of the Silla founding king. From 2002-2005, excavations were conducted here which revealed the remains of a well, an octagonal building site, auxiliary buildings, and other structures. The octagonal building is presumed to have been an ancestral shrine or a facility for performing state rituals.