Knollwood was originally in the plans for the Bob Hope-Dean Martin golf course development but later became a neighborhood of it's own. Early plans that date back to 1961 and have been referenced in the May 28,1961 issue of Van Nuys News report that the Knollwood area was to be a planned luxury development consisting of 250 homes. Although many of those planned homes are in the area there are discrepancies as to whether the planned Knollwood Country Club Estates is actually a part of today's Knollwood.  
Knollwood consists of 250 half acre estates with homes that are built along the Knollwood Country Club golf course which is actually located in the nearby Granada Hills area of Los Angeles. Knollwood is located in the Granada Hills neighborhood just north of Rinaldi Street and to the east of Balboa Boulevard. The Knollwood Country Club golf course borders the planned unit development to the east as well. 
All residents of Knollwood who own homes are members of the Knollwood Property Owners' Association. Homeowners are regulated by various conditions and covenants as well as restrictions that are contained in their real property deeds. Annual mandatory membership fees are collected from all homeowners of Knollwood and as a result members are afforded various social events including an annual block party and neighborhood patrol services.
 

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In 1916, the San Fernando Valley's first oil well was drilled in what is now Granada Hills. The oil well was located at the northern tip of Zelzah Avenue. Granada Hills was founded in 1926 (as "Granada;" the "Hills" was added 15 years later) and started out as a dairy farm and orchard known as the Sunshine Ranch. Among the crops harvested here as the nation prepared for the Roaring '20s were apricots, oranges, walnuts and beans. Vestiges of former citrus groves can still be seen as small groups of orange, lemon or grapefruit trees in some residential yards. Granada Hills was named from a city in Spain.