KENNEDY WILSON INC
SC 13G/A, 1996-05-16
REAL ESTATE AGENTS & MANAGERS (FOR OTHERS)
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<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  Schedule 13G

                    Under the Securities Exchange Act of 1934
                                (Amendment No. 2)

                              KENNEDY-WILSON, INC.
            --------------------------------------------------------
                                (Name of Issuer)

                          Common Stock, $.01 par value
            --------------------------------------------------------
                         (Title of Class of Securities)
           
                                   489399 20 4
            --------------------------------------------------------
                                 (CUSIP Number)


Check the following box if a fee is being paid with this statement / /. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosure sprovided in a prior cover page.

The information required in the remainder of this cover page shall not be demed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                        (Continued on following page(s))

                                 Page 1 of 5
<PAGE>   2
- ----------------------                                  ------------------------
CUSIP No. 489399 20 4               13G                  Page  2  of  5  Pages
- ----------------------                                  ------------------------

- --------------------------------------------------------------------------------
           NAME OF REPORTING PERSON
    1      S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
           William R. Stevenson
           ###-##-####

- --------------------------------------------------------------------------------
           CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

    2                                                                    (a) / /
                                                                         (b) / /

- --------------------------------------------------------------------------------
           SEC USE ONLY
    3

- --------------------------------------------------------------------------------
           CITIZENSHIP OR PLACE OF ORGANIZATION
    4      U.S.A.

- --------------------------------------------------------------------------------
                       SOLE VOTING POWER
                5      139,738

                ----------------------------------------------------------------
                       SHARED VOTING POWER
  NUMBER OF     6      NONE
   SHARES
BENEFICIALLY    ----------------------------------------------------------------
  OWNED BY             SOLE DISPOSITIVE POWER
    EACH        7      139,738
   PERSON
    WITH        ----------------------------------------------------------------
                       SHARED DISPOSITIVE POWER
                8      NONE

- --------------------------------------------------------------------------------
           AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    9      139,738

- --------------------------------------------------------------------------------
           CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
   10

- --------------------------------------------------------------------------------
           PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
   11      10.4%

- --------------------------------------------------------------------------------
           TYPE OF REPORTING PERSON*
   12      IN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTION BEFORE FILLING OUT!









<PAGE>   3
Item 1.  Issuer.

         (a)      Name of Issuer:

                  Kennedy-Wilson, Inc. (the "Issuer")

         (b)      Address of Issuer's Principal Executive Offices:

                  530 Wilshire Boulevard, Suite 101
                  Santa Monica, California 90401

Item 2.  Security and Background.

         (a)      Name of Person Filing:

                  The person filing this Schedule 13G is William R. Stevenson, 
                  an individual.

         (b)      Principal Business Address:

                  The principal business address of Mr. Stevenson is 530 
                  Wilshire Boulevard, Suite 101, Santa Monica, California 90401

         (c)      Citizenship:

                  Mr. Stevenson is a citizen of the United States of America.

         (d)      Title and Class of Securities:

                  Common Stock

         (e)      CUSIP NO.:

                  489399 20 4

Item 3.  Filings under Rules 13d-1(b), or 13d-2(b)

         Not applicable.

Item 4.  Ownership.

         (a)      Amount Beneficially Owned:

                  139,738

         (b)      Percent of Class:

                 10.4%

                                   Page 3 of 5
<PAGE>   4



          (c)      Voting and Dispositive Power:

                   Mr. Stevenson has sole voting and dispositive power with 
                   respect to all 139,738 shares of Common Stock of the Issuer 
                   beneficially owned by him.

Item 5.   Ownership of Five Percent or Less of a Class.

          Not Applicable.

Item 6.   Ownership of More than Five Percent on Behalf of Another Person.

          Not Applicable.

Item 7.   Identification and Classification of the Subsidiary Which Acquired the
          Security Being Reported on By the Parent Holding Company.

          Not Applicable.

Item 8.   Identification and Classification of Members of the Group.

          Not Applicable.

Item 9.   Notice of Dissolution of Group.

          Not Applicable.

Item 10.  Certification.

          Not Applicable.


                                   Page 4 of 5
<PAGE>   5
                                    SIGNATURE

         After reasonably inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

                                            Date:  May 9, 1996


                                            /s/ WILLIAM R. STEVENSON
                                            --------------------------------
                                            William R. Stevenson


                                   Page 5 of 5


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