Wagner announced the first Bayreuth Festival for 1873, at which his full "Ring" cycle would be performed. Aware of the honour that such an event would bring to the town, the local council donated a large plot of land—the "Green Hill"—overlooking the town, as a site for the theatre. Since Ludwig had declined to finance the project, the start of building was delayed and the proposed date for the initial festival was deferred. By the spring of 1873 only a third of the required funds had been raised; further pleas to Ludwig were initially ignored, but early in 1874, with the entire project on the verge of collapse, the king relented and provided a loan. The full building programme included a handsome villa, "Wahnfried", into which Wagner, with Cosima and the children, moved from their temporary accommodation on 18 April 1874. The theatre was completed in 1875, and the festival scheduled for the following year. Commenting on the struggle to finish the building Wagner remarked to Cosima: "Each stone is red with my blood and yours".