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 * 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) 01/24/2005 (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               233,483 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

10/31/1998(1)

10/30/2007

Common Stock

100,000

100,000

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

01/24/2005

J

0

08/08/1988(4)

08/08/1988(4)

Common Stock

0

$ 0

9,229

D

Stock Purchase Agreement

$ 36.12

01/24/2005

J

0

08/08/1988(4)

08/08/1988(4)

Common Stock

0

$ 0

8,109

D

Stock Purchase Agreement

$ 35.14

01/24/2005

J

0

08/08/1988(4)

08/08/1988(4)

Common Stock

0

$ 0

11,463

D

Stock Purchase Agreement

$ 47.13

01/24/2005

J

0

08/08/1988(4)

08/08/1988(4)

Common Stock

0

$ 0

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		01/26/2005
**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)	70,000 stock options are exercisable as of 1/24/05. 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 1/24/05. 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.
Remarks: J = Mr. Krasnoff elected to delay the purchase date of these shares under the LNR Property Corporation Non-Qualified Deferred Compensation Plan.  He elected to purchase 41% of these shares at retirement or termination of employment and 11.8% of these shares on January of 2007, 2008, 2009, 2010 and 2011.

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