The Peace Palace (Dutch: Vredespaleis; pronounced [ˈvreːdəspaˌlɛis]) is an international law administrative building in The Hague, the Netherlands. It houses the International Court of Justice (which is the principal judicial body of the United Nations), the Permanent Court of Arbitration, the Hague Academy of International Law and the Peace Palace Library. The Palace officially opened on 28 August 1913, and was originally built to provide a home for the Permanent Court of Arbitration, a court created to end war by the Hague Convention of 1899. Andrew Dickson White, whose efforts were instrumental in creating the court, secured from his friend American steel magnate Andrew Carnegie US$1.5 million ($40,000,000, adjusted for inflation) to build the Peace Palace.