SEC FORM 4

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

KRASNOFF JEFFREY P

(Last)

(First)

(Middle)

1601 WASHINGTON AVENUE, 8TH FLOOR

(Street)

MIAMI BEACH

33139

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
LNR PROPERTY CORP [ LNR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
01/26/2005

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								402	I	By Savings Plan
Common Stock								2,871	I	By IRA Trust
Common Stock	01/26/2005		M		16,070	A	$24.8125	249,553	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock Options	$24.8125	01/26/2005		X			16,070	10/31/1998⁽¹⁾	10/30/2007	Common Stock	16,070	$0	83,930	D
Common Stock Options	$17.3125							01/01/1999⁽²⁾	12/14/2007	Common Stock	70,000		70,000	D
Common Stock Options	$18.1563							01/28/2001⁽³⁾	01/27/2010	Common Stock	20,000		20,000	D
Common Stock Options	$26.8438							01/17/2002⁽³⁾	01/16/2011	Common Stock	20,000		20,000	D
Common Stock Options	$31.3							01/02/2003⁽³⁾	01/01/2012	Common Stock	20,000		20,000	D
Common Stock Options	$34.8							04/09/2004⁽³⁾	04/08/2013	Common Stock	20,000		20,000	D
Common Stock Options	$49.325							01/15/2005⁽³⁾	01/14/2014	Common Stock	40,000		40,000	D
Stock Purchase Agreement	$28.8							08/08/1988⁽⁴⁾	08/08/1988⁽⁴⁾	Common Stock	9,229		9,229	D
Stock Purchase Agreement	$36.12							08/08/1988⁽⁴⁾	08/08/1988⁽⁴⁾	Common Stock	8,109		8,109	D
Stock Purchase Agreement	$35.14							08/08/1988⁽⁴⁾	08/08/1988⁽⁴⁾	Common Stock	11,463		11,463	D
Stock Purchase Agreement	$47.13							08/08/1988⁽⁴⁾	08/08/1988⁽⁴⁾	Common Stock	7,827		7,827	D
Common Stock⁽⁵⁾	$0							08/08/1988⁽⁴⁾	08/08/1988⁽⁴⁾	Common Stock	250,000		250,000	D

Explanation of Responses:

1. 53,930 stock options are exercisable as of 1/26/05. 10,000 stock options become exercisable on 10/31/05. 20,000 stock options become exercisable on 10/31/06.

2. 49,000 stock options are exercisable as of 1/26/05. 7,000 stock options become exercisable on 1/1/06. 14,000 stock options become exercisable on 1/1/07.

3. These stock options vest over five years at 20% per annum on each anniversary of the grant date.

4. The SEC staff has designated 8/8/88 as a "dummy date."

5. Contractual right to receive shares in the future.

	Steve Bjerke as Attorney-In-Fact	01/28/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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