Harvard will receive $18.3 million from the last month's sale of the Aspen Highlands Skiing Corporation, the University announced yesterday.

Houston-based developer Gerald D. Hines bought the ski resort in December from Harvard and Whipple Van Jones '32, who donated a substantial interest in the company to a Harvard-managed charitable trust in 1992.

Proceeds from the sale, which will be released to Harvard when Jones dies, will go to the Faculty of Arts and Sciences.

The donation by Jones, 84, who graduated with a degree in economics from the College and spent a year at Harvard Business School, was the largest initial gift since the inception of Harvard's Planned Giving programs in 1974.

Harvard's share of the money from the sale of the Highlands ski resort has not been earmarked for any particular projects, according to Jonathan B. New, associate director for news and public information.

Jones, who founded Highlands in 1959, was reportedly trying to sell it for $30 million before he donated a portion of it to Harvard, according to Aspen Magazine. It is unclear how large Harvard's stake in the resort was.

University officials were pleased yesterday that the $18.3 million, which is currently being managed by Harvard Management Company, will be targeted to the Faculty of Arts and Sciences (FAS). They said they have not yet determined to which departments the funds will go.

"We are thrilled by this magnificent gift to the FAS. Whip Jones has given us a wonderful injection that will help to secure our future and the quality of teaching and scholarship in the Faculty," said FAS Dean Jeremy R. Knowles.

Jones takes a long-range view of his gift to Harvard.

"I wanted to do something to keep [Harvard] going. So many institutions are changing so fast--I think Harvard is something that is going to be permanent," said Jones in a statement released by the University.