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 *
KRASNOFF JEFFREY P
   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)
President and CEO
(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               402 I By Savings Plan
Common Stock               2,871 I By IRA Trust
Common Stock 01/26/2005   M   16,070 A $ 24.8125 249,553 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 01/26/2005   X     16,070 10/31/1998(1) 10/30/2007 Common Stock 16,070 $ 0 83,930 D  
Common Stock Options $ 17.3125             01/01/1999(2) 12/14/2007 Common Stock 70,000   70,000 D  
Common Stock Options $ 18.1563             01/28/2001(3) 01/27/2010 Common Stock 20,000   20,000 D  
Common Stock Options $ 26.8438             01/17/2002(3) 01/16/2011 Common Stock 20,000   20,000 D  
Common Stock Options $ 31.3             01/02/2003(3) 01/01/2012 Common Stock 20,000   20,000 D  
Common Stock Options $ 34.8             04/09/2004(3) 04/08/2013 Common Stock 20,000   20,000 D  
Common Stock Options $ 49.325             01/15/2005(3) 01/14/2014 Common Stock 40,000   40,000 D  
Stock Purchase Agreement $ 28.8             08/08/1988(4) 08/08/1988(4) Common Stock 9,229   9,229 D  
Stock Purchase Agreement $ 36.12             08/08/1988(4) 08/08/1988(4) Common Stock 8,109   8,109 D  
Stock Purchase Agreement $ 35.14             08/08/1988(4) 08/08/1988(4) Common Stock 11,463   11,463 D  
Stock Purchase Agreement $ 47.13             08/08/1988(4) 08/08/1988(4) Common Stock 7,827   7,827 D  
Common Stock (5) $ 0             08/08/1988(4) 08/08/1988(4) Common Stock 250,000   250,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
KRASNOFF JEFFREY P
1601 WASHINGTON AVENUE, 8TH FLOOR
MIAMI BEACH, FL 33139		       President and CEO  

Signatures

 Steve Bjerke as Attorney-In-Fact   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) 53,930 stock options are exercisable as of 1/26/05. 10,000 stock options become exercisable on 10/31/05. 20,000 stock options become exercisable on 10/31/06.
(2) 49,000 stock options are exercisable as of 1/26/05. 7,000 stock options become exercisable on 1/1/06. 14,000 stock options become exercisable on 1/1/07.
(3) These stock options vest over five years at 20% per annum on each anniversary of the grant date.
(4) The SEC staff has designated 8/8/88 as a "dummy date."
(5) Contractual right to receive shares in the future.

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