<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">		<infoTable>
			<nameOfIssuer>ISHARES BARCLAYS 20+ YEAR TREASURY BOND FUND ETF</nameOfIssuer>
			<titleOfClass>BARCLAYS 20+YR</titleOfClass>
			<cusip>464287432</cusip>
			<value>6592</value>
			<shrsOrPrnAmt>
				<sshPrnamt>59685</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>59685</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ADT CORPORATION (THE) CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00101J106</cusip>
			<value>837</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20994</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>20994</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BERKSHIRE HATHAWAY INC. CLASS B</nameOfIssuer>
			<titleOfClass>CL B NEW</titleOfClass>
			<cusip>084670702</cusip>
			<value>2010</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17963</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>17963</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BROOKFIELD PPTY PARTNERS L P CMN</nameOfIssuer>
			<titleOfClass>UNIT LTD PARTN</titleOfClass>
			<cusip>G16249107</cusip>
			<value>1004</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49472</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>49472</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CITIGROUP INC. CMN</nameOfIssuer>
			<titleOfClass>COM NEW</titleOfClass>
			<cusip>172967424</cusip>
			<value>959</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>20000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COINSTAR INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>19259P300</cusip>
			<value>1213</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20677</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>20677</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CVR REFINING LP CMN</nameOfIssuer>
			<titleOfClass>COMUNIT REP LT</titleOfClass>
			<cusip>12663P107</cusip>
			<value>601</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>20000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>D.R. HORTON, INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23331A109</cusip>
			<value>3032</value>
			<shrsOrPrnAmt>
				<sshPrnamt>142485</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>142485</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ISHARES DOW JONES U.S. REAL ESTATE SECTOR INDEX FUND ETF</nameOfIssuer>
			<titleOfClass>DJ US REAL EST</titleOfClass>
			<cusip>464287739</cusip>
			<value>2989</value>
			<shrsOrPrnAmt>
				<sshPrnamt>45000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>45000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>E*TRADE FINANCIAL CORPORATION CMN</nameOfIssuer>
			<titleOfClass>COM NEW</titleOfClass>
			<cusip>269246401</cusip>
			<value>1513</value>
			<shrsOrPrnAmt>
				<sshPrnamt>119472</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>119472</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FIFTH &amp; PACIFIC COMPANIES INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>316645100</cusip>
			<value>2161</value>
			<shrsOrPrnAmt>
				<sshPrnamt>96746</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>96746</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FORESTAR REAL ESTATE GROUP INC*. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>346233109</cusip>
			<value>1491</value>
			<shrsOrPrnAmt>
				<sshPrnamt>74336</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>74336</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HOMESTREET, INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>43785V102</cusip>
			<value>1830</value>
			<shrsOrPrnAmt>
				<sshPrnamt>85321</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>85321</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HUNTINGTON BANCSHARES INCORPOR*ATED CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>446150104</cusip>
			<value>816</value>
			<shrsOrPrnAmt>
				<sshPrnamt>103727</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>103727</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INVENSENSE INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46123D205</cusip>
			<value>739</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48065</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>48065</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>L BRANDS, INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>501797104</cusip>
			<value>775</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15745</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>15745</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LENNAR CORPORATION CMN CLASS A</nameOfIssuer>
			<titleOfClass>CL A</titleOfClass>
			<cusip>526057104</cusip>
			<value>3532</value>
			<shrsOrPrnAmt>
				<sshPrnamt>97996</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>97996</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LIBERTY GLOBAL, PLC. CMN CLASS C</nameOfIssuer>
			<titleOfClass>SHS CL C</titleOfClass>
			<cusip>G5480U120</cusip>
			<value>12264</value>
			<shrsOrPrnAmt>
				<sshPrnamt>180643</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>180643</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LIBERTY MEDIA CORPORATION CMN SERIES A CLASS A</nameOfIssuer>
			<titleOfClass>CL A</titleOfClass>
			<cusip>531229102</cusip>
			<value>11444</value>
			<shrsOrPrnAmt>
				<sshPrnamt>90281</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>90281</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LIBERTY VENTURES CMN SERIES  CLASS A</nameOfIssuer>
			<titleOfClass>LBT VENT COM A</titleOfClass>
			<cusip>53071M880</cusip>
			<value>5854</value>
			<shrsOrPrnAmt>
				<sshPrnamt>68858</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>68858</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LULULEMON ATHLETICA INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>550021109</cusip>
			<value>1039</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15860</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>15860</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MASTERCARD INCORPORATED CMN CLASS A</nameOfIssuer>
			<titleOfClass>CL A</titleOfClass>
			<cusip>57636Q104</cusip>
			<value>9515</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16563</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>16563</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NATIONSTAR MTG HLDGS INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>63861C109</cusip>
			<value>983</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26242</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>26242</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OCWEN FINANCIAL CORPORATION CMN</nameOfIssuer>
			<titleOfClass>COM NEW</titleOfClass>
			<cusip>675746309</cusip>
			<value>1347</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32688</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>32688</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PAIN THERAPEUTICS INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69562K100</cusip>
			<value>1993</value>
			<shrsOrPrnAmt>
				<sshPrnamt>901670</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>901670</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PULTEGROUP INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>745867101</cusip>
			<value>2514</value>
			<shrsOrPrnAmt>
				<sshPrnamt>132536</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>132536</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>QLT INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>746927102</cusip>
			<value>1976</value>
			<shrsOrPrnAmt>
				<sshPrnamt>450139</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>450139</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SAKS INCORPORATED CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>79377W108</cusip>
			<value>1727</value>
			<shrsOrPrnAmt>
				<sshPrnamt>126615</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>126615</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>STANDARD PACIFIC CORP NEW CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85375C101</cusip>
			<value>2525</value>
			<shrsOrPrnAmt>
				<sshPrnamt>303064</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>303064</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>THE HOWARD HUGHES CORP CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>44267D107</cusip>
			<value>569</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5077</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>5077</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TOLL BROTHERS, INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>889478103</cusip>
			<value>2790</value>
			<shrsOrPrnAmt>
				<sshPrnamt>85497</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>85497</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VISA INC. CMN CLASS A</nameOfIssuer>
			<titleOfClass>COM CL A</titleOfClass>
			<cusip>92826C839</cusip>
			<value>7053</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38596</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>38596</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
</informationTable>
