FORM 3
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchanges Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
David Team
760 NW 107th Avenue
Miami, Florida 33172
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2. Date of Event Requiring Statement
10/31/97
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3. IRS or Social Security Number of Reporting Person
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4. Issuer Name and Ticker or Trading Symbol
LNR Property Corporation LNR
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5. Relationship of Reporting Person to Issuer
/ / Director / / 10% Owner
/X/ Officer--Vice President
/ / Other
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6. If Amendment, Date of Original
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<TABLE>
<CAPTION>
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TABLE I - NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
3. OWNERSHIP FORM:
2. AMOUNT OF SECURITIES DIRECT (D) OR 4. NATURE OF INDIRECT
1. TITLE OF SECURITY BENEFICIALLY OWNED INDIRECT (I) BENEFICIAL OWNERSHIP
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<S> <C> <C> <C>
N/A
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</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
3. TITLE AND AMOUNT OF SECURITIES
2. DATE EXERCISABLE AND UNDERLYING DERIVATIVE SECURITY
EXPIRATION DATE --------------------------------- 6. NATURE OF
1. TITLE OF ------------------------ AMOUNT OR 4. CONVERSION INDIRECT
DERIVATIVE DATE EXPIRATION NUMBER OF OR EXERCISE 5. OWNERSHIP BENEFICIAL
SECURITY EXERCISABLE DATE TITLE SHARES PRICE OF FORM OF OWNERSHIP
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<S> <C> <C> <C> <C> <C> <C> <C>
Common Stock Options 11/3/97 (1) 08/16/06 Common Stock 599 14.13 D
Common Stock Options 08/16/98 (2) 08/16/06 Common Stock 11,382 14.13 D
Common Stock Options 11/3/98 (3) 11/3/06 Common Stock 75,000 25.3125 D
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</TABLE>
Explanation of Responses:
Note (1): Options were granted on 11/3/97 and are immediately exercisable
Note (2): Options were granted on 11/3/97 and become exercisable through step
vesting after 08/16/98
Note (3): Options were granted on 11/3/97 and become exercisable throught step
vesting after 11/03/98
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/S/
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**Signature of Reporting Person Date
