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 *
CHERRY ROBERT
   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)
01/21/2005
(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               133 I By IRA Trust
Common Stock               1 I By Savings Plan
Common Stock 01/21/2005   M   4,500 A $ 24.8125 78,801 (1) D  
Common Stock 01/21/2005   M   5,102 A $ 17.3125 83,903 (1) D  
Restricted Common Stock 01/21/2005   J(2)   19,828 D $ 0 22,947 (3) 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 01/21/2005   X     4,500 10/31/1998(4) 10/30/2007 Common Stock 4,500 $ 0 6,750 D  
Common Stock Options $ 17.3125 01/21/2005   X     5,102 01/01/1999(5) 12/14/2007 Common Stock 5,102 $ 0 13,273 D  
Common Stock Options $ 18.1563             01/28/2001(6) 01/27/2010 Common Stock 4,000   4,000 D  
Common Stock Options $ 26.8438             01/17/2002(6) 01/16/2011 Common Stock 6,000   6,000 D  
Common Stock Options $ 31.3             01/02/2003(6) 01/01/2012 Common Stock 8,000   8,000 D  
Common Stock Options $ 34.8             04/09/2004(6) 04/08/2013 Common Stock 10,000   10,000 D  
Common Stock Options $ 49.325             01/15/2005(6) 01/14/2014 Common Stock 25,000   25,000 D  
Stock Purchase Agreement $ 28.8             04/01/2002(7) 04/01/2006 Common Stock 3,520   3,520 D  
Stock Purchase Agreement $ 36             04/01/2003(8) 03/30/2007 Common Stock 4,064   4,064 D  
Stock Purchase Agreement $ 35.07             04/01/2005(9) 04/01/2008 Common Stock 4,851   4,851 D  
Stock Purchase Agreement $ 52.06             04/01/2005(10) 04/01/2009 Common Stock 5,780   5,780 D  
Common Stock (11) $ 0 01/21/2005   J(12)   19,828   08/08/1988(13) 08/08/1988(13) Common Stock 19,828 $ 0 57,053 D  

Reporting Owners

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

Signatures

 Steve Bjerke as Attorney-In-Fact   01/25/2005
**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. Cherry directly owns 83,903 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) J = Surrender of non-vested restricted stock in exchange for a commitment to issue shares under LNR's Non-Qualified Deferred Compensation Plan.
(3) Restricted shares held pursuant to the 2000 Stock Option and Restricted Stock Plan, with 20,000 vesting on 4/8/05 and 2,947 shares vesting on 4/8/06.
(4) No stock options are currently exercisable as of 1/21/05. 2,250 stock options become exercisable on 10/31/05. 4,500 stock options become exercisable on 10/31/06.
(5) No stock options are currently exercisable as of 1/21/05. 3,675 stock options become exercisable on 1/1/06. 7,350 stock options become exercisable on 1/1/07.
(6) These stock options vest over five years at 20% per annum on each anniversary of the grant date.
(7) Represents a signed purchase agreement under the 2001 Senior Officer Stock Purchase Plan. On April 1st of each year from 2005 through 2006, Mr. Cherry will make purchases of LNR common stock. These purchases will total 3,520 shares.
(8) 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. Cherry will make purchases of LNR common stock. These purchases will total 4,064 shares.
(9) 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. Cherry will make purchases of LNR common stock. These purchases will total 4,851 shares.
(10) Represents a signed purchase agreement under the 2001 Senior Officer Stock Purchase Plan. On April 1, 2005, March 31, 2006, March 30, 2007, April 1, 2008 and April 1, 2009, Mr. Cherry will make purchases of LNR common stock. These purchases will total 5,780 shares.
(11) Contractual right to receive shares in the future.
(12) J = Grant of right to receive shares under LNR's Non-Qualified Deferred Compensation Plan in exchange for surrender of non-vested restricted stock.
(13) The SEC staff has designated 8/8/88 as a "dummy date."

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