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 * LEVIN 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) 01/19/2005 (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               365 I By Savings Plan Common Stock 01/19/2005   F   3,385 D $ 62.97 92,433 (1) D   Common Stock 01/19/2005   M   15,622 A $ 24.8125 108,055 (1) D   Common Stock 01/19/2005   M   402 A $ 17.3125 108,457 (1) D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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

$ 24.8125

01/19/2005

X

15,622

10/31/1998(2)

10/30/2007

Common Stock

15,622

$ 0

21,878

D

Common Stock Options

$ 17.3125

01/19/2005

X

402

01/01/1999(3)

12/14/2007

Common Stock

402

$ 0

25,848

D

Common Stock Options

$ 18.1563

01/28/2001(4)

01/27/2010

Common Stock

10,000

10,000

D

Common Stock Options

$ 26.8438

01/17/2002(4)

01/16/2011

Common Stock

10,000

10,000

D

Common Stock Options

$ 31.3

01/02/2003(4)

01/01/2012

Common Stock

10,000

10,000

D

Common Stock Options

$ 41.67

10/10/2004(4)

10/09/2013

Common Stock

10,000

10,000

D

Common Stock Options

$ 50.435

02/04/2005(4)

02/03/2014

Common Stock

10,000

10,000

D

Stock Purchase Agreement

$ 28.3

04/01/2002(5)

04/01/2006

Common Stock

6,658

6,658

D

Stock Purchase Agreement

$ 36.12

04/01/2003(6)

03/30/2007

Common Stock

6,546

6,546

D

Stock Purchase Agreement

$ 33.96

04/01/2004(7)

04/01/2008

Common Stock

9,464

9,464

D

Reporting Owners

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

Signatures

Steve Bjerke as Attorney-In-Fact		01/21/2005
**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)	Mr. Levin directly owns 108,457 shares without restrictions following the reported transactions. The SEC suggests keeping a tally if the securities involved in each transaction reported were owned in the same form.
(2)	10,628 stock options are exercisable as of 1/19/05. 3,750 stock options become exercisable on 10/31/05. 7,500 stock options become exercisable on 10/31/06.
(3)	17,973 stock options are exercisable as of 1/19/05. 2,625 stock options become exercisable on 1/1/06. 5,250 stock options become exercisable on 1/1/07.
(4)	These stock options vest over five years at 20% per annum on each anniversary of the grant date.
(5)	Represents a signed purchase agreement under the 2001 Senior Officer Stock Purchase Plan. On April 1st of each year from 2005 through 2006, Mr. Levin will make purchases of LNR common stock. These purchases will total 6,658 shares.
(6)	Represents a signed purchase agreement under the 2001 Senior Officer Stock Purchase Plan. On April 1, 2005, March 31, 2006 and March 30, 2007, Mr. Levin will make purchases of LNR common stock. These purchases will total 6,546 shares.
(7)	Represents a signed purchase agreement under the 2001 Senior Officer Stock Purchase Plan. On April 1, 2005, March 31, 2006, March 30, 2007 and April 1, 2008, Mr. Levin will make purchases of LNR common stock. These purchases will total 9,464 shares.

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