SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

MILLER STUART A

(Last)

(First)

(Middle)

700 NW 107 AVENUE

SUITE 400

(Street)

MIAMI

33172

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
LENNAR CORP /NEW/ [ LEN,LEN.B ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	President/CEO

3. Date of Earliest Transaction (Month/Day/Year)
12/01/2006

4. If Amendment, Date of 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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	12/01/2006		G		30	D	$0	833,400	D
Class A Common Stock	12/29/2006		G		50,000	D	$0	783,400	D
Class A Common Stock	01/18/2007		M		3,798	A	$28.952	787,198	D
Class B Common Stock	01/18/2007		M		379⁽²⁾	A	$0⁽⁵⁾	74,898	D
Class A Common Stock								36,850	I	By Trust
Class A Common Stock								16,876	I	By ESOP Trust
Class B Common Stock								1,692	I	By ESOP Trust
Class B Common Stock								21,207,996	I	By Family Trust⁽⁶⁾

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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (Right to Buy)	$28.952	01/18/2007		M			3,798	01/25/2006	01/25/2007	Class A Common Stock	3,798	$28.952	0	D
Stock Option (Right to Acquire)	$0⁽⁵⁾	01/18/2007		M			379⁽²⁾	01/25/2006	01/25/2007	Class B Common Stock	379⁽²⁾	$0⁽⁵⁾	0	D
Stock Option (Right to Buy)	$8.235							11/03/2006	11/03/2007	Class A Common Stock	139,290		139,290	D
Stock Option (Right to Buy)	$8.25							02/07/2004	02/07/2010	Class A Common Stock	8,000		8,000	D
Stock Option (Right to Buy)	$9.075							02/07/2004	02/07/2010	Class A Common Stock	12,000		12,000	D
Stock Option (Right to Buy)	$18.32							03/06/2005	03/06/2011	Class A Common Stock	9,030		9,030	D
Stock Option (Right to Buy)	$26.32							01/25/2006	01/25/2012	Class A Common Stock	16,202		16,202	D
Stock Option (Right to Buy)	$27.845							01/23/2004⁽¹⁾	01/23/2008	Class A Common Stock	396,410		396,410	D
Stock Option (Right to Buy)	$30.63							01/23/2007⁽¹⁾	01/23/2008	Class A Common Stock	3,590		3,590	D
Stock Option (Right to Buy)	$46.42							12/17/2004⁽¹⁾	12/17/2008	Class A Common Stock	400,000		400,000	D
Stock Option (Right to Buy)	$55							12/16/2005⁽¹⁾	12/16/2009	Class A Common Stock	198,182		198,182	D
Stock Option (Right to Buy)	$60.5							12/16/2008⁽¹⁾	12/16/2009	Class A Common Stock	1,818		1,818	D
Stock Option (Right to Buy)	$62.675							01/05/2007⁽¹⁾	01/05/2011	Class A Common Stock	196,810		196,810	D
Stock Option (Right to Buy)	$68.9425							01/05/2009⁽¹⁾	01/05/2011	Class A Common Stock	3,190		3,190	D
Stock Option (Right to Acquire)	$0							11/03/2006	11/03/2007	Class B Common Stock	13,929		13,929⁽²⁾	D
Stock Option (Right to Acquire)	$0							02/07/2004	02/07/2010	Class B Common Stock	800		800⁽²⁾	D
Stock Option (Right to Acquire)	$0							02/07/2004	02/07/2010	Class B Common Stock	1,200		1,200⁽²⁾	D
Stock Option (Right to Acquire)	$0							03/06/2005	03/06/2011	Class B Common Stock	903		903⁽²⁾	D
Stock Option (Right to Acquire)	$0							01/25/2006	01/25/2012	Class B Common Stock	1,620		1,620⁽²⁾	D
Stock Option (Right to Acquire)	$0							01/23/2004	01/23/2008	Class B Common Stock	39,641		39,641⁽²⁾	D
Stock Option (Right to Acquire)	$0							01/23/2007	01/23/2008	Class B Common Stock	359		359⁽²⁾	D
Class A Common Stock	$0							08/08/1988⁽⁴⁾	08/08/1988⁽⁴⁾	Class A Common Stock	60,000		60,000⁽³⁾	D
Class B Common Stock	$0							08/08/1988⁽⁴⁾	08/08/1988⁽⁴⁾	Class B Common Stock	6,000		6,000⁽³⁾	D

Explanation of Responses:

1. Stock options granted become exercisable in four annual installments. 10% of the stock options become exercisable on the first anniversary of the grant date and 30% of the stock options become exercisable on each of the next three anniversaries of the grant date.

2. Represents shares of Class B Common Stock to be issued upon the exercise of certain options to purchase Class A Common Stock.

3. Contractual right to receive shares in the future.

4. No activity is being reported. The SEC staff has designated 8/8/88 as a "dummy date." Information is included to disclose holdings following the reported transactions or other holdings not affected by the reported transactions.

5. The Class B Common Stock was issued as a result of anti-dilution provisions with regard to certain exercises of options that relate to Class A Common Stock.

6. Mr. Miller has sole voting and investment power with respect to these shares, even though he has only limited pecuniary interest in these shares. Mr. Miller disclaims, as Trustee of the Family Trust, beneficial ownership of these shares except to the extent of such pecuniary interest.

	David Collins as Attorney-In-Fact for Stuart A. Miller	01/22/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
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