-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LiBkHvhcK1GI9pQxbvHQ9QrPGmL7mPHiQL+QYLX+KRylxbUAd5ZhfobFgl8iFj2r
 7GSxyp/77FS8cHQy7GmpKA==

<SEC-DOCUMENT>0001181431-04-021981.txt : 20040423
<SEC-HEADER>0001181431-04-021981.hdr.sgml : 20040423
<ACCEPTANCE-DATETIME>20040423152517
ACCESSION NUMBER:		0001181431-04-021981
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040421
FILED AS OF DATE:		20040423

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LNR PROPERTY CORP
		CENTRAL INDEX KEY:			0001043044
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF APARTMENT BUILDINGS [6513]
		IRS NUMBER:				650777234
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	BUSINESS ADDRESS:	
		STREET 1:		1601 WASHINGTON AVENUE
		CITY:			MIAMI BEACH
		STATE:			FL
		ZIP:			33139
		BUSINESS PHONE:		3056955500

	MAIL ADDRESS:	
		STREET 1:		1601 WASHINGTON AVENUE
		CITY:			MIAMI BEACH
		STATE:			FL
		ZIP:			33139

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			COBB CHARLES E JR
		CENTRAL INDEX KEY:			0001034252

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13223
		FILM NUMBER:		04750949

	BUSINESS ADDRESS:	
		STREET 1:		2233 PONCE DE LEON BOULEVARD
		STREET 2:		PENTHOUSE 1100
		CITY:			CORAL GABLES
		STATE:			FL
		ZIP:			33134
		BUSINESS PHONE:		3054411700

	MAIL ADDRESS:	
		STREET 1:		2233 PONCE DE LEON BOULEVARD
		STREET 2:		PENTHOUSE 1100
		CITY:			CORAL GABLES
		STATE:			FL
		ZIP:			33134
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd40190.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-04-21</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001043044</issuerCik>
        <issuerName>LNR PROPERTY CORP</issuerName>
        <issuerTradingSymbol>LNR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001034252</rptOwnerCik>
            <rptOwnerName>COBB CHARLES E JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O COBB PARTNERS LTD</rptOwnerStreet1>
            <rptOwnerStreet2>255 ARAGON AVENUE, SUITE 333</rptOwnerStreet2>
            <rptOwnerCity>CORAL GABLES</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33134</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>40000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Family Trust</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>37417</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Spouse</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>36.37</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2003-04-10</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2005-04-09</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>34.80</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2004-04-09</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2006-04-08</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock Option</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>51.575</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-04-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2005-04-21</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2007-04-20</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Mr. Cobb is a trustee of an irrevocable trust for the benefit of members of his family.  He disclaims beneficial ownership of these securities.</footnote>
        <footnote id="F2">These stock options become 100% exercisable on the first anniversary of the grant date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Steve Bjerke as Attorney-In-Fact</signatureName>
        <signatureDate>2004-04-23</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----