Exhibit 99.1

PRESS RELEASE
FOR IMMEDIATE RELEASE
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Contact:      Erin Ruhe
              Vice President and Controller
              HomeFed Corporation
              1903 Wright Place, Suite 220
              Carlsbad, CA 92008
              (760) 918-8200


     HOMEFED STOCKHOLDERS APPROVE AMENDMENTS TO CERTIFICATE OF INCORPORATION

Carlsbad, CA, July 11, 2003 - HomeFed Corporation (OTC BB: HFDC) announced today
that its stockholders approved amendments to the Company's Certificate of
Incorporation to implement a reverse split of the Company's common stock
immediately followed by a forward split of the company's common stock. The net
effect of this reverse/forward split is a 10-1 reverse stock split and a
proportionate reduction in the number of shares of common stock the Company is
authorized to issue to 25,000,000 shares. The reverse/forward split is expected
to become effective on July 14, 2003, at 6:01 a.m. Eastern Standard Time. The
Company's common stock will continue to trade on the Nasdaq OTC Bulletin Board
under the new symbol "HOFD" beginning July 14, 2003.

Stockholders also approved an amendment to the Company's Certificate of
Incorporation to create a class of preferred stock and to authorize 3,000,000
shares of preferred stock for issuance (although no preferred stock is being
issued), approved an amendment to the Company's 1999 Stock Incentive Plan to
increase to 200,000 the number of shares of common stock available under the
plan and reelected all six of the Company's current directors.

About HomeFed

HomeFed is engaged, directly and through subsidiaries, in the investment in and
development of residential real estate projects in the State of California.
HomeFed's development projects currently consist of two master planned
communities located in San Diego County, California: San Elijo Hills, and a
portion of the larger Otay Ranch planning area. As development manager for these
projects, HomeFed is responsible for the completion of a wide range of
activities, including design engineering, grading raw land, constructing public
infrastructure such as streets, utilities and public facilities, and finishing
individual lots for home sites or other facilities.

For more information about HomeFed, please call Erin Ruhe, HomeFed's Vice
President and Controller: telephone (760) 918-8200.

Except for the historical information contained herein, the matters set forth in
this press release are forward-looking statements within the meaning of the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. Such statements include, without limitation, statements regarding the
anticipated benefits and expected consequences of the reverse/forward stock
split described herein. These forward-looking statements are subject to risks
and uncertainties that may cause actual results to differ materially. For a
discussion of factors that may cause results to differ, see HomeFed's SEC
reports, including its Quarterly Report on Form 10-Q for the quarter ended March
31, 2003 its Annual Report on Form 10-K for the year ended December 31, 2002 and
its Proxy Statement for the Annual Meeting of Stockholders dated June 13, 2003.
These forward-looking statements speak only as of the date hereof. HomeFed
disclaims any intent or obligation to update these forward-looking statements.



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