The former estate is situated in the Hrafnkell Valley, a small branch from the Jokul Valley in the East. It is one of the farms in Iceland, situated furthest away from the ocean. Adalbol is well known from the Hrafnkell Saga Freysgoda, which is among the shortest Sagas and was thought believable because of its continuity and frank account. Later some historians started reading it more critically and do not believe it to the letter.
Traces of inhabitancy have been discovered all over the valley and some of the topographic names remind of the Saga. According to it, Hrafnkell was a chieftain of both aforementioned valleys and relied firmly on his favourite god, Freyr. He was an intractable bully, but well educated. His favourite horse, Freyfaxi, was dedicated to the god and Hrafnkell was the only one who was permitted to ride it. He announced, that whoever else rode this horse did it on pain of death. A shepherd boy was foolish enough to ignore his command and rode the horse to round up the sheep in bad weather conditions. After a while, the horse threw the boy and ran to the farm where Hrafnkell found it dirty and sweaty. He killed the boy without hesitation when he came back home.
This murder led to a guilty sentence at the next assembly of the district parliament and Hrafnkell was expelled from the valley and his possessions were confiscated. He resettled at farm Hrafnkelsstadir in the Fljot Valley, gradually managed to recover his wealth and properties, and later moved back to Adalbol, where he died in old age.