In 1942, Fairleigh Dickinson University was founded in Rutherford as a two-year college, anchored by the Iviswold Castle on Montross Avenue, which was built in the 1880s as a summer home by David B. Ivison. After FDU expanded to a four-year college and then to offering graduate programs, it acquired other, larger campuses, and eventually left Rutherford, offering the campus for sale due to financial difficulties. In the fall of 1997, the Rutherford campus was purchased by Felician College, an independent private Roman Catholic institution, which often has cultural and community events.