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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1. Name and Address of Reporting Person * BJERKE STEVE   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) Controller (Last) (First) (Middle) 1601 WASHINGTON AVENUE, 8TH FLOOR 3. Date of Earliest Transaction (Month/Day/Year) 01/26/2005 (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               673 I By Savings Plan Common Stock 01/26/2005   M   6,205 A (1) 12,528 D   Common Stock               400 (2) 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

$ 18.25

01/26/2005

X

5,060

02/24/2000(3)

02/23/2005

Common Stock

5,060

$ 0

4,940

D

Common Stock Options

$ 39.5

01/26/2005

X

1,145

07/07/2003(3)

07/06/2008

Common Stock

1,145

$ 0

13,855

D

Common Stock (4)

$ 0

08/08/1988(5)

08/08/1988(5)

Common Stock

4,400

4,400

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
BJERKE STEVE 1601 WASHINGTON AVENUE, 8TH FLOOR MIAMI BEACH, FL 33139			Controller

Signatures

Steve Bjerke		01/28/2005
**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)	See "Table II" herein for a detail of purchase prices.
(2)	Restricted shares held pursuant to the 2000 Stock Option and Restricted Stock Plan, with 100 shares vesting on each of 1/15/06, 1/15/07, 1/15/08 amd 1/15/09.
(3)	These stock options vest in four annual installments. 10% of the stock options granted become exercisable on the first anniversary of the grant date. 30% of the stock options granted become exercisable on each of the next three anniversaries of the grant date.
(4)	Contractual right to receive shares in the future.
(5)	The SEC staff has designated 8/8/88 as a "dummy date."

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