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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Fqdh6D07H4HLTiaM1EHYDy3IFe512LDdL0F1qZ5hZFqYnOUk5wf5tOO3DOIeBDsW
 aCNDmLFWhYgsJtp/UZY2Vg==

<SEC-DOCUMENT>0001181431-03-022877.txt : 20030911
<SEC-HEADER>0001181431-03-022877.hdr.sgml : 20030911
<ACCEPTANCE-DATETIME>20030911170701
ACCESSION NUMBER:		0001181431-03-022877
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030909
FILED AS OF DATE:		20030911

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LEIBOWITZ REUBEN S
		CENTRAL INDEX KEY:			0001210982

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16637
		FILM NUMBER:		03892379

	MAIL ADDRESS:	
		STREET 1:		466 LEXINGTON AVENUE 10TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRICE LEGACY CORP
		CENTRAL INDEX KEY:			0000929647
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				330628740
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		17140 BERNARDO CENTER DRIVE, SUITE 300
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92128
		BUSINESS PHONE:		8586759400

	MAIL ADDRESS:	
		STREET 1:		17140 BERNARDO CENTER DRIVE, SUITE 300
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRICE ENTERPRISES INC
		DATE OF NAME CHANGE:	19940907
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd18290.xml
<DESCRIPTION>LEIBOWITZ FORM 4 (09/09/03)
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-09-09</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000929647</issuerCik>
        <issuerName>PRICE LEGACY CORP</issuerName>
        <issuerTradingSymbol>XLG</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001210982</rptOwnerCik>
            <rptOwnerName>LEIBOWITZ REUBEN S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O WARBURG, PINCUS &amp; CO.</rptOwnerStreet1>
            <rptOwnerStreet2>466 LEXINGTON AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>1</isOther><otherText>See Note (3)</otherText></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock, par value $.0001</value></securityTitle><transactionDate><value>2003-09-09</value><footnoteId id="F1"/></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>5000000</value></transactionShares><transactionPricePerShare><value>0</value><footnoteId id="F2"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value><footnoteId id="F1"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwners
hip><value>I</value><footnoteId id="F3"/></directOrIndirectOwnership><natureOfOwnership><value>See Note (3)</value></natureOfOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>9% Series B Junior Convertible Redeemable Preferred Stock</value></securityTitle><conversionOrExercisePrice><value>5.56</value></conversionOrExercisePrice><transactionDate><value>2003-09-09</value><footnoteId id="F1"/></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>17985612</value></transactionShares><transactionPricePerShare><value>0</value><footnoteId id="F2"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2003-09-18</value></exerciseDate><expirationDate><footnoteId id="F
4"/></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock, par value $.0001</value></underlyingSecurityTitle><underlyingSecurityShares><value>17985612</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value><footnoteId id="F1"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value><footnoteId id="F3"/></directOrIndirectOwnership><natureOfOwnership><value>See Note (3)</value></natureOfOwnership></ownershipNature></derivativeTransaction><derivativeTransaction><securityTitle><value>Warrant to Purchase</value></securityTitle><conversionOrExercisePrice><value>8.25</value></conversionOrExercisePrice><transactionDate><value>2003-09-09</value><footnoteId id="F1"/></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmo
unts><transactionShares><value>1</value></transactionShares><transactionPricePerShare><value>0</value><footnoteId id="F2"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2001-09-18</value></exerciseDate><expirationDate><value>2008-09-17</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock, par value $.0001</value></underlyingSecurityTitle><underlyingSecurityShares><value>2500000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value><footnoteId id="F1"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value><footnoteId id="F3"/></directOrIndirectOwnership><natureOfOwnership><value>See Note (3)</value></natureOfOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Pursuant to a Purchase Agree
ment (the "Agreement"), dated as of September 9, 2003, to which Warburg, Pincus Equity Partners, L.P. ("WPEP") is a party, WPEP is selling all of its securities in Price Legacy Corporation, which consists of all the securities (the "Securities") noted in this Form 4, on January 5, 2004.</footnote><footnote id="F2">Pursuant to the Agreement, the aggregate price for the Securities is $138,000,000.</footnote><footnote id="F3">Please see Remarks, below.</footnote><footnote id="F4">None.</footnote></footnotes><remarks>The securityholder is WPEP, and certain affiliated funds (collectively, "Warburg Pincus Holders"). Warburg Pincus Holders beneficially owns the Securities.

The sole general partner of Warburg Pincus Holders is Warburg Pincus &amp; Co., a New York general partnership ("WP"). Warburg Pincus LLC (formerly E.M.

Warburg Pincus &amp; Co., LLC), a New York limited liability company ("WPLLC"), manages Warburg Pincus Holders. The members of WPLLC are substantially the

same as the partners of WP. By reason of the provisions of Rule 16a-1 of the Exchange Act, WP and WPLLC may be deemed to be the beneficial owners of the

securities held by Warburg Pincus Holders, although both WP and WPLLC disclaim beneficial ownership of the securities except to the extent of any indirect

pecuniary interest therein.  Mr. Leibowitz, a director of the Issuer, is a general partner of WP and a member of WPLLC. As such, Mr. Leibowitz may be deemed

to have an indirect pecuniary interest (within the meaning of Rule 16a-1 of the Exchange Act) in an indeterminate portion of the Securities.  Mr. Leibowitz

disclaims beneficial ownership of the Securities except to the extent of any indirect pecuniary interest therein.  Mr. Leibowitz does not directly own any of the

Securities.</remarks><ownerSignature><signatureName>Reuben S. Leibowitz</signatureName><signatureDate>2003-09-11</signatureDate></ownerSignature></ownershipDocument>



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