The Palace of Peace was conceived at the First Peace Conference on Disarmament, initiated by Emperor Nicholas II on August 24, 1898. Its construction took place under the patronage of the King and Queen of the Netherlands, Wilhelmina, and was financed by American railroad magnate and philanthropist Andrew Carnegie. Since 1946, the building has housed the International Court of Justice, and until 1940, it was home to its predecessor, the Permanent Court of International Justice. The palace was constructed from 1907 to 1913.