SEC Form 5
FORM 5

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

[  ] Form 3 Holdings Reported

[  ] Form 4 Transactions Reported
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
ENGEL, STEVEN I.
(Last)                      (First)                      (Middle)
1601 Washington Avenue
(Street)
Miami,    FL   33139
(City)                      (State)                      (Zip)
2. Issuer Name
and Ticker or Trading Symbol

LNR Property Corporation
LNR
3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)
4. Statement for
    Month/Year

11/2002

5. If Amendment,
    Date of Original
    (Month/Year)
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

Description           Vice President
7. 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)



        Amount      /         A/D         /         Price          
5. Amount of
    Securities
    Beneficially
    Owned at end of
    Issuer's Fiscal Year

    (Instr. 3 and 4)
6. Owner-
    ship
    Form:
    Direct (D)
    or
    Indirect (I)

    (Instr. 4)
7. Nature of
     Indirect
     Beneficial
     Ownership

    (Instr. 4)
Common Stock
Various
A
5 / A / Market Price
393
I
By Savings Plan
Common Stock
/ /
100
I
By IRA Trust
Common Stock
/ /
150
I
By Son
CommonStock
/ /
23,380
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. Conver-
    sion or
    Exercise
    Price of
    Deri-
    vative
    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)




  A     or     D  
6. Date Exercisable(DE) and
    Expiration Date(ED)
    (Month/Day/Year)





  DE     /     ED  
7. Title and Amount of
    Underlying Securities
    (Instr. 3 and 4)





Title     /         Amount or Number of Shares
8. Price
    of
    Derivative
    Security
    (Instr.5)
 9. Number of
    Derivative
    Securities
    Beneficially
    Owned
    at End of Year
    Reported
    Transaction(s)
    (Instr.4) 		10. Owner-
ship
Form of
Deriv-
ative
Securities:
Direct (D)
or
Indirect (I)

(Instr.4) 		11. Nature of
      Indirect
      Beneficial
      Ownership
      (Instr.4)
Stock Purchase Agreement (1) $31.15
04/01/2002 / 04/01/2006
Common Stock / 8,800
8,800
D
Common Stock Options $9.92
12/23/1997 / 12/23/2004
Common Stock / 10,688
10,688
D
Common Stock Options $24.8125
10/31/1998 / 10/31/2007
Common Stock / 17,500
17,500
D
Common Stock Options $17.3125
01/01/1999 / 10/31/2007
Common Stock / 12,250
12,250
D
Common Stock Options $36.175
04/24/2003 / 04/23/2013
Common Stock / 10,000
10,000
D
Explanation of Responses:
 
(1) Represents a signed purchase agreement under the 2001 Senior Officer Stock Purchase Plan. On April 1st of each year from 2003 through 2006, Mr. Engel will make purchases of LNR common stock. These purchases will total 8,800 shares.
By: Date:
/s/ Steve N. Bjerke 01/15/2003
Steven N. Bjerke as Attorney - In - Fact for Steven I. Engel
** Signature of Reporting Person
SEC 2270 (09-02)


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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained in this form are not
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