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 * MILLER STUART A   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 __X__ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chairman of the Board (Last) (First) (Middle) 700 N.W. 107TH AVENUE 3. Date of Earliest Transaction (Month/Day/Year) 11/16/2004 (Street) MIAMI, FL 33172 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 11/16/2004   G   200,000 (1) D (5) 0 D   Common Stock               83 I By Savings Plan Restricted Common Stock               210,000 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

Class B Common Stock

(6)

11/16/2004

G

200,000 (2)

(7)

(5)

Common Stock

200,000

(5)

300,000

D

Class B Common Stock

(6)

11/16/2004

G

57,465 (3)

(7)

(5)

Common Stock

2,424,404

(5)

2,424,404 (4)

I

Controls General Partner

Common Stock Options

$ 24.8125

10/31/1998

10/30/2007

Common Stock

79,855

79,855

D

Common Stock Options

$ 18.1563

01/28/2001

01/27/2010

Common Stock

20,000

20,000

D

Common Stock Options

$ 26.8438

01/17/2002

01/16/2011

Common Stock

20,000

20,000

D

Common Stock Options

$ 31.3

01/02/2003

01/01/2012

Common Stock

20,000

20,000

D

Common Stock Options

$ 34.8

04/09/2004

04/08/2013

Common Stock

20,000

20,000

D

Common Stock Options

$ 49.325

01/15/2005

01/14/2014

Common Stock

40,000

40,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
MILLER STUART A 700 N.W. 107TH AVENUE MIAMI, FL 33172	X	X	Chairman of the Board

Signatures

/s/Stuart A Miller		11/16/2004
**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)	Charitable Contribution to MFA Limited Partnership.
(2)	Shares received by Stuart A. Miller from MFA Limited Partnership.
(3)	Stuart Miller's pecuniary interest in 100,000 shares distributed by MFA Limited Partnership.
(4)	As specified above, MFA Limited Partnership transferred 200,000 shares to The Miller Family Foundation. In accordance with Rules 16a-1(a)(2)(ii)(B), 16a-1(a)(2)(ii)(E), 16a-8(b)(3) and 16a-8(b)(2), Stuart Miller has determined the number of shares held by the trusts and partnerships which he is required to report, including MFA Limited Partnership, based upon his pro rata income interests in the trusts and his percentage ownership of the limited partnership. This filing should not be deemed to be an admission that Stuart Miller is, for purposes of Section 16 of the Securities Exchange Act of 1934, or otherwise, the beneficial owner of equity securities directly or indirectly owned by trusts of which he is an income beneficiary or limited partnerships of which he is a limited partner or trusts of which he is a trustee.
(5)	N/A
(6)	One for one
(7)	Immediate

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