No. The Museum of Hoaxes has a thorough debunking.

He was invented by a 19th century poet called Charles Hildreth.

There are other clues that the story is fake, too: the "heir of one of the nobelist peerages in England" would have relatives and forbears, but no such surname appears anywhere.

The story also says that he never claimed his title, except under British law one could not disclaim a peerage until the 1960s.