Ownership Submission
FORM 5
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 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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1. Name and Address of Reporting Person *
SAIONTZ STEVEN J
 2. Issuer Name and Ticker or Trading Symbol
LNR PROPERTY CORP [LNR] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)

9515 SW 60TH CT		 3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
11/30/2004
(Street)


MIAMI, FL 33156		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Reporting
(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 at end of Issuer's Fiscal Year
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A) or (D) Price
Common Stock 11/30/2004 11/30/2004 A 2 A $ (1) 1,952 I By Savings Plan
Common Stock             4,799 I By IRA Trust
Common Stock             283,594 D  
Common Stock             40,000 (2) D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 2270 (9-02)

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 at End of Issuer's Fiscal Year
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Common Stock Options $ 24.8125           10/31/1998(3) 10/30/2007 Common Stock
195,896
  195,896
D
 
Common Stock Options $ 18.1563           01/28/2001(4) 01/27/2010 Common Stock
20,000
  20,000
D
 
Common Stock Options $ 26.8438           01/17/2002(4) 01/16/2011 Common Stock
20,000
  20,000
D
 
Common Stock Options $ 31.3           01/02/2003(4) 01/01/2012 Common Stock
20,000
  20,000
D
 
Common Stock Options $ 34.8           04/09/2004(5) 04/08/2006 Common Stock
1,000
  1,000
D
 
Common Stock Options $ 51.575           04/21/2005(5) 04/20/2007 Common Stock
1,000
  1,000
D
 
Common Stock (6) $ 0           08/08/1988(7) 08/08/1988(7) Common Stock
20,000
  20,000
D
 

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
SAIONTZ STEVEN J
9515 SW 60TH CT
MIAMI, FL 33156		   X      

Signatures

Steve Bjerke as Attorney-In-Fact 01/12/2005
**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) Shares were acquired through dividend reinvestments in the LNR Property Corporation Savings Plan during the fiscal year ended 11/30/2004. The shares were purchased at an average price of $54.34.
(2) Restricted shares held pursuant to the 2000 Stock Option and Restricted Stock Plan, with 40,000 shares vesting on 1/19/05.
(3) 135,896 stock options are exercisable as of 11/30/04. 20,000 stock options become exercisable on 10/31/05. 40,000 stock options become exercisable on 10/31/06.
(4) These stock options vest over five years at 20% per annum on each anniversary of the grant date.
(5) These stock options become 100% exercisable on the first anniversary of the grant date.
(6) Contractual right to receive shares in the future.
(7) The SEC staff has designated 8/8/88 as a "dummy date".

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