SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 24, 2003
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HOMEFED CORPORATION
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Exact name of registrant as specified in its charter)
Delaware 1-10153 33-0304982
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(State of other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) Identification No.)
1903 Wright Place, Suite 220
Carlsbad, California 92008
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(Address of principal executive offices) (Zip Code)
(760) 918-8200
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(Registrant's telephone number, including area code)
N/A
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(Former name, former address and former fiscal year,
if changed since last report)
Item 5. Other Events
On April 24, 2003, HomeFed Corporation's subsidiary, Otay Land Company, LLC,
sold approximately 1,445 acres within the Otay Ranch master-planned community
south of San Diego, California to an unrelated third party for a sale price of
$22.5 million in cash. As previously disclosed in HomeFed's Annual Report on
Form 10-K for the year ended December 31, 2002, HomeFed was contractually
committed to sell the property if the transaction closed by April 30, 2003. The
sale is expected to result in a pre-tax gain of approximately $17.7 million.
Otay Land Company will use a portion of the proceeds from the sale to fully
satisfy the preferred capital interest and preferred return of approximately
$12.9 million due to Leucadia National Corporation, the owner of approximately
30.3% of HomeFed's outstanding common stock.
Following the sale, Otay Land Company continues to own approximately 3,300 acres
of land within Otay Ranch.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
REGISTRANT:
HOMEFED CORPORATION
By: s/s Erin N. Ruhe
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Date: April 25, 2003 Erin N. Ruhe,
Vice President and Controller