The aggregation of delta 5,7,9(11),22-ergostatetraen-3 beta-ol (dehydroergosterol or DHE), a fluorescent analog of cholesterol, was studied by photophysical techniques. It was concluded that the aqueous dispersions of DHE consist of strongly fluorescent microcrystals, and no evidence for self-quenching in micellar-type aggregates was found. The organization of DHE in model systems of membranes (phospholipid vesicles) is strongly dependent on the vesicle type. In small unilamellar vesicles, no evidence for aggregation is obtained, and the fluorescence anisotropy is rationalized on the basis of a random distribution of fluorophores. On the contrary, in large unilamellar vesicles (LUVs), a steeper concentration depolarization was observed. To explain this, a model that takes into account transbilayer dimer formation was derived. This was further confirmed from observation of excitonic absorption bands of 22-(N-7-nitrobenz-2-oxa-1,3-diazol-4-yl-amino)-23,24-bisnor- 5-cholen-3 beta-ol (NBD-cholesterol) in LUV, which disappear upon sonication. It is concluded that, in agreement with recent works, sterol aggregation is a very efficient process in large vesicles (and probably in natural membranes), even at very low concentrations (approximately 5 mol%).