In 1900, after the premature deaths of the Trasks' four children, Spencer Trask decided to turn the estate into an artists' retreat as a gift to his wife. He did this with the financial assistance of philanthropist George Foster Peabody. The first artists arrived in 1926. The success of Yaddo encouraged Spencer and Katrina later to donate land for a working women's retreat center as well, known as Wiawaka Holiday House, at the request of Mary Wiltsie Fuller. At least in its early years, Yaddo was funded by profits from the Bowling Green Offices Building in Manhattan, in which Spencer Trask was extensively involved.