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                                   EXHIBIT 23

                          INDEPENDENT AUDITORS' CONSENT



The Board of Directors of Newhall Management Corporation and Partners of The
  Newhall Land and Farming Company:

We consent to incorporation by reference in the Registration Statements on Form
S-8 (Numbers 033-53767, 033-53769, 033-58171 and 333-15303) of The Newhall Land
and Farming Company of our report dated January 21, 1998, relating to the
consolidated balance sheets of The Newhall Land and Farming Company and
subsidiaries as of December 31, 1997, and 1996, and the related consolidated
statements of income, changes in partners' capital, and cash flows for each of
the years in the three-year period ended December 31, 1997, which report appears
in the December 31, 1997, annual report on Form 10-K of The Newhall Land and
Farming Company.


                                        /s/ KPMG PEAT MARWICK LLP

Los Angeles, California
March 18, 1998