Updated: Monday, Sept. 12, 2016 at 12:58 p.m.

The former provost’s residence on W Street by the Mount Vernon Campus sold for $1.725 million, the University announced in a release Friday.

A private party purchased the property and the proceeds will help fund financial aid for students in programs affiliated with the Vern, like the Women’s Leadership Program and University Honors Program. Students will be able to find out more details about those programs as they are announced, according to the release.

The house was put on the market this July, and Washington Fine Properties represented GW in the sale.

Provost Forrest Maltzman said in the release that he is happy that the sale will help support students.

“When it comes to setting priorities for the university, supporting our students and financial aid is at the top of my list,” Maltzman said. “I am glad the proceeds from this sale will enhance access to a GW education.”

The University acquired the property in 1999 as part of its purchase of Mount Vernon College. Former Provost Steven Lerman lived in the home with his family until he stepped down last year, and he and his wife welcomed Vern residents into their home with events like pancake breakfasts. The house has been vacant since Lerman stepped down.

This post was updated to reflect the following correction:
The Hatchet incorrectly reported that the proceeds from the sale would help fund programs affiliate with the Vern. The proceeds will help fund financial aid for students in those programs. We regret this error.