The university began in earnest in 1925 when George E. Merrick, the founder of Coral Gables, gave and nearly $5 million, ($ million, adjusted for current inflation) to the effort. These contributions were land contracts and mortgages on real estate that had been sold in the city. The university was chartered on April 8, 1925, by the Circuit Court for Dade County. By the fall of 1926, when the first class of 372 students enrolled at UM, the land boom had collapsed, and hopes for a speedy recovery were dashed by a major hurricane. For the next 15 years the university barely remained solvent. The first building on campus, now known as the Merrick Building, was left half built for over two decades due to economic difficulties. In the meantime, classes were held at the nearby Anastasia Hotel, with partitions separating classrooms, giving the university the early nickname of "Cardboard College."