Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
TEAM DAVID
   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)
Vice President
(Last)
(First)
(Middle)
1601 WASHINGTON AVENUE, 8TH FLOOR		 3. Date of Earliest Transaction (Month/Day/Year)
11/26/2004
(Street)

MIAMI BEACH, FL 33139		 4. If Amendment, Date 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
(City)
(State)
(Zip)
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)
Code V Amount (A) or (D) Price
Common Stock               83 I By Savings Plan
Common Stock               34,817 D  
Restricted Common Stock 11/26/2004   J(1)   12,500 D $ 0 0 D  
Restricted Common Stock 11/26/2004   J(1)   80,000 D $ 0 0 D  

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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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Common Stock Options $ 13.73             10/31/1997(2) 08/15/2006 Common Stock 12,331   12,331 D  
Common Stock Options $ 24.8125             10/31/1998(3) 10/30/2007 Common Stock 37,500   37,500 D  
Common Stock Options $ 17.3125             01/01/1999(4) 12/14/2007 Common Stock 26,250   26,250 D  
Common Stock Options $ 18.1563             01/28/2001(5) 01/27/2010 Common Stock 10,000   10,000 D  
Common Stock Options $ 26.8438             01/17/2002(5) 01/16/2011 Common Stock 10,000   10,000 D  
Common Stock Options $ 31.3             01/02/2003(5) 01/01/2012 Common Stock 10,000   10,000 D  
Common Stock Options $ 34.8             04/09/2004(5) 04/08/2013 Common Stock 10,000   10,000 D  
Common Stock Options $ 49.325             01/15/2005(5) 01/14/2014 Common Stock 25,000   25,000 D  
Stock Purchase Agreement $ 31.1 11/26/2004   J(6)   0   08/08/1988(7) 08/08/1988(7) Common Stock 0 $ 0 4,048 D  
Stock Purchase Agreement $ 36.12 11/26/2004   J(6)   0   08/08/1988(7) 08/08/1988(7) Common Stock 0 $ 0 5,522 D  
Stock Purchase Agreement $ 35.06 11/26/2004   J(6)   0   08/08/1988(7) 08/08/1988(7) Common Stock 0 $ 0 8,774 D  
Stock Purchase Agreement $ 49.37 11/26/2004   J(6)   0   08/08/1988(7) 08/08/1988(7) Common Stock 0 $ 0 6,879 D  
Common Stock (8) $ 0 11/26/2004   J(9)   92,500   08/08/1988(7) 08/08/1988(7) Common Stock 92,500 $ 0 125,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
TEAM DAVID
1601 WASHINGTON AVENUE, 8TH FLOOR
MIAMI BEACH, FL 33139		       Vice President  

Signatures

 Steve Bjerke as Attorney-In-Fact   11/30/2004
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) J = Surrender of non-vested restricted stock in exchange for a commitment to issue shares under LNR's Non-Qualified Deferred Compensation Plan.
(2) 7,398 stock options are currently exercisable as of 11/26/04. 1,850 stock options become exercisable on 8/16/05. 3,083 stock options become exercisable on 5/17/06.
(3) 26,250 stock options are currently exercisable as of 11/26/04. 3,750 stock options become exercisable on 10/31/05. 7,500 stock options become exercisable on 10/31/06.
(4) 15,750 stock options are currently exercisable as of 11/26/04. 2,625 stock options become exercisable on each of 1/1/05 and 1/1/06. 5,250 stock options become exercisable on 1/1/07.
(5) These stock options vest over five years at 20% per annum on each anniversary of the grant date.
(6) On 11/26/2004, Mr. Team elected to delay the purchase date of these shares under the LNR Property Corporation Non-Qualified Deferred Compensation Plan. He elected to purchase these shares at retirement or termination of employment.
(7) The SEC staff has designated 8/8/88 as a "dummy date".
(8) Contractual right to receive shares in the future.
(9) J = Grant of right to receive shares under LNR's Non-Qualified Deferred Compensation Plan in exchange for the surrender of non-vested restricted stock.

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