Bordered by mountains in upstate New York, the Valley of the Big Sleepers was originally Farm land which gave residence to three giants (Johnny, Donny and Lonny) and a dragon named Clarathea whose large sizes required the Fables to be put under a sleep spell to avoid their detection in the mundane world.
However, all four were awakened by Snow White to defend against The Farm's revolutionaries. Afterwards, they didn't wish to return to their slumber so a compromise was reached which saw the giants transformed to become the new Three Little Pigs while Clara was turned into a raven and took up a position as Rose Red's bodyguard.
When Bigby Wolf completed a solo mission into the Homelands, Fabletown mayor Prince Charming passed ownership of the Valley of the Big Sleepers from The Farm to Bigby as a way for him to live with Snow White and their non-human children. Since the Wolf children were unable to leave the area as they couldn't pass for human and Bigby himself was banned from The Farm, the renamed Wolf Valley allowed the Wolf family to stay together.