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Near the Alcázar de Colón, the Cord House was named for the cord of the Franciscan order, which is carved above the door. Francisco de Garay, who came to Hispaniola with Columbus, built the casa from 1503 to 1504, which makes it the oldest stone house in the Western Hemisphere. It once lodged the first Royal Audience of the New World, which performed as the Supreme Court of Justice for the island and the rest of the West Indies. On another occasion, in January 1586, the noble ladies of Santo Domingo gathered here to donate their jewelry as ransom demanded by Sir Francis Drake in return for his promise to leave the city. The restoration of this historic manor was financed by the Banco Popular Dominicano, where its executive offices are found.