Through an agreement with the Heritage Conservancy, a non-profit membership organization dedicated to preserving natural and historic resources, and local neighbors, the University has sold the 211-acre Gutman Farm in Bucks County for $3.75 million.

The resources will be used by the Graduate School of Fine Arts.

Under the terms of the agreement, which the University announced Monday, the northern 98 acres of the property will be used for a horse farm and the southern 113 acres will be subdivided into parcels that will permit only minimum development.

"We can never know the future, but in a world that is in danger of becoming increasingly similar, it will take special efforts to preserve the uniqueness of places - efforts like the one that is demonstrated in this agreement, and places like this property," said Dean Gary Hack. "We are very pleased that this agreement will largely preserve open space in Bucks County, yet provide important resources to benefit our students and faculty."

Heritage Conservancy President Clifford C. David Jr. also praised the ultimate outcome: "One of the most rewarding aspects of the partnership to preserve the property was the good faith of all parties to negotiate in the best interests of both the community and the University. The University's decision to sell the property through the Conservancy has environmental and economic benefits for all parties, and it should serve as a model for other partnerships to protect our dwindling open spaces."

The property was donated to Penn in 1973 by Monroe C. Gutman.